Nigeria vehicle imports slide as credit remains tight
Nigerian automobile
imports fell by more than a quarter in the first ten months of 2010,
compared to the same period last year, as cash-strapped consumers shied
away from big-ticket purchases, industry officials said.
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.
Nigerian port figures showed new vehicle imports in the first ten
months tumbled 26 percent to 29,372 units, according to Mohan Sethi,
general manager at Nigeria’s Dana Motors, which imports Kia cars and
vans.
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