New vehicle imports down by 24 percent
New vehicle imports
into Nigeria fell almost a quarter during the first 11 months of the
year as consumer credit, which dried up in the wake of last year’s
banking crisis, struggled to recover, importers said on Thursday.
Vehicle sales in
Africa’s most populous nation are a proxy measure for private
purchasing power, a leading economic indicator which is not formally
available in Nigeria.
Port figures showed
new vehicle imports fell to 32,409 units in the 11 months to November,
down 24 percent on the same period last year, according to Mohan Sethi,
general manager at Dana Motors, which imports Kia vehicles to Nigeria.
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