Vehicle imports drop 18 pct on weak credit in 2010
New vehicle imports
into Nigeria declined 18 percent in 2010, reflecting weak credit growth
in sub-Saharan Africa’s second-biggest economy in the wake of a $4
billion bank bailout the previous year. 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 36,606 units
in the 12 months to December, compared to 44,757 units in 2009,
according to Mohan Sethi, general manager at Dana Motors, which imports
Kia vehicles to Nigeria.
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