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LequteMan
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Sales of luxury sports cars in Nigeria have slumped as the country flails from the blow delivered by the fall in global crude prices, BBC reports.
In the good times, high-spending Nigerians would roll into the garage with fat wallets and drive out in a Porsche - now the showroom is deserted. Top-of-the-range Porsche models sell from $100,000 (£70,000) and upwards.
According to the managing director of a Porsche showroom in Lagos, Parvin Singh, sales were down 50% last year compared to 2014. He blames the crash on the crude oil crisis.
While gas and oil sales only account for around 15% of the country's GDP - "Nigeria is not Saudi Arabia," as analysts say, pointing out that the industry has a disproportionate effect on the economy as a whole.
"The government is Nigeria's biggest spender," says Mr Singh. "When the government stops spending, it has a cascading effect on the corporate sector."
Oil revenues account for 75-80% percent of the government's budget and if it does not have cash, it cools overall spending
In the good times, high-spending Nigerians would roll into the garage with fat wallets and drive out in a Porsche - now the showroom is deserted. Top-of-the-range Porsche models sell from $100,000 (£70,000) and upwards.
According to the managing director of a Porsche showroom in Lagos, Parvin Singh, sales were down 50% last year compared to 2014. He blames the crash on the crude oil crisis.
While gas and oil sales only account for around 15% of the country's GDP - "Nigeria is not Saudi Arabia," as analysts say, pointing out that the industry has a disproportionate effect on the economy as a whole.
"The government is Nigeria's biggest spender," says Mr Singh. "When the government stops spending, it has a cascading effect on the corporate sector."
Oil revenues account for 75-80% percent of the government's budget and if it does not have cash, it cools overall spending
