Sale of new vehicles drops by 400 per cent in 5 years

From selling 50,000 units of brand new vehicles in 2013, automobile distributors in Nigeria recorded a steep drop to less than 10,000 units sold in 2018, findings by Daily Trust have shown.

The situation, according to experts, could become much worse as there is a web of uncertainty over the status of the Nigerian Automotive Industry Development Plan Bill passed into law in 2017.

Stakeholders believe the bill is critical to the survival of the industry and that it would trigger massive development in the sector capable of bringing down the cost of brand new vehicles and making them much more affordable to average Nigerians.

Read more: Daily Trust April 10, 2019

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