The Digest:
Nigerians are increasingly selling off their cars as soaring living costs, rising exchange rates, and heavy import tariffs push foreign-used vehicles beyond their reach. The shift has led to a surge in demand for Nigerian-used cars, with more vehicles being listed online and in car lots.
Car sales have become a means of survival for many, with individuals opting to sell vehicles to meet basic needs. In addition, the Association of Motor Dealers of Nigeria urges government support for locally assembled cars, highlighting their potential to stabilize prices and provide jobs.
Key Points:
- Soaring costs and tariffs push foreign-used cars out of reach
- Nigerian used car market sees sharp increase in listings
- Car prices for foreign-used vehicles triple due to the depreciation of the naira
- Buyers from Niger and Benin flock to Nigeria for affordable used cars
- Nigerian car owners sell vehicles to meet daily survival needs
- Association of Motor Dealers of Nigeria calls for local car manufacturing support
- Economic hardship leads to increased car swapping among Nigerians
The situation reveals a stark reality: in times of economic strain, even essential transportation becomes a luxury. Locally assembled cars may offer a long-term solution, but the challenge of affordability remains.
Sources: Saturday PUNCH
