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Importers of used vehicles and spare parts have shifted to the United States as imports hit $471 million (N179.4 billion) between 2018 and 2019. The import was 42.6 percent of the total vehicles and parts brought into the country during the period. The United States Census Bureau (USCB) report revealed that most of the vehicles imported from the United States into Nigeria were Japanese brands with Toyota at the top of the chart, while Hyundai and Kia have established themselves as serious competitors.
Although vehicles and related components are not on the Central Bank of Nigeria (CBN)'s a list of 42 products not eligible for foreign exchange, but in 2018, USCB report noted that the United States exported over $134 million worth of vehicle parts and accessories to Nigeria, including fuel and oil additives, as well as auto body repair products. Within the period, a total of N417.66 billion used vehicles were shipped into the country between March 2018 and 2019. This is coming as the launch of the Automotive Industry Development Plan (NAIDP) 2014 has not achieved the purpose for which it was established, even though the Nigerian Automotive Council (NAC) has licensed 35 companies to produce cars under the NAIDP, yet the number of locally assembled units remains very low. Just last week, ten vessels laden with 4,287 units of used vehicles arrived at Tincan Port… More details through: https://www.newtelegraphng.com/nigeria-u-s-trade-in-used-vehicles-hit-n179bn/
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Despite measures put in place to encourage local patronage of Nigerian made vehicles, importation of used vehicles with 2,500 cylinder capacity has reached $406 million (N146.95 billion) in six months.
The imports have continued to surge as the Tincan’s roll-on roll- off terminal took delivery of over 6,000 vehicles in two months this year. Within the last two months of this year, 17 vessels have berthed and discharged vehicles at the Port and Terminal multi-service Limited (PTML) of the port… More details through: https://www.newtelegraphng.com/imports-n146bn-worth-of-used-vehicles/ Dana Motors, a leading auto company, paraded the 2020 Kia and DFM made-in-Nigeria models at an event organised by the National Automotive Design and Development Council (NADDC) in Abuja.
The event was a prelude to the Argungu Motor rally. The event was aimed at demonstrating the feats recorded by the auto policy for the past years. The made-in-Nigeria vehicles are testaments to the success recorded in the industry over the years to make Nigeria a self-sustaining industrialised nation with locally produced vehicles… More details through: https://thenationonlineng.net/dana-motors-unveils-made-in-nigeria-kia-dfm/ The Ministry of Industry, Trade and Investment in collaboration with the National Automotive Design and Development Council (NADDC) has commissioned one billion dollars worth of locally-assembled vehicles. The vehicles are locally produced by 17 companies including Coscharis, Nissan, Innoson, Ford and Elizade motors among others, that are pioneering made-in-Nigeria vehicles
The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, while commissioning the Nigeria-produced and assembled vehicles on Monday in Abuja said the vehicles would also later be used for “2020 Argungu Motor Rally’’… More details through: https://guardian.ng/news/fg-commissions-1bn-made-in-nigeria-vehicles/ As global vehicle exports to various countries is on the increase, Nigeria has imported used passenger vehicles valued at N687.8billion ($1.90 billion) within five years from United States (US) alone. Nigeria accounts for 27 percent of the used vehicles export into Africa, which are either low grade or damaged.
The vehicles were shipped from various states in U.S. between 2014 and 2018 as cost of shipping from U.S. ports to Nigeria is $750. According to the United States Department of Commerce (USDC), U.S. used vehicle export to low income countries in Africa like Benin and Nigeria, among others, had already risen to 826,000 units annually… More details through: https://www.newtelegraphng.com/import-nigeria-spends-n687-8bn-on-passenger-vehicles/ Nigeria’s automobile industry received a boost with over $1 billion investments from renowned auto manufacturers in 2019, thereby lifting capacity to at least 408,870 vehicles yearly.
The manufacturers, which include Honda, Peugeot, Innoson, and Mitsubishi among others, have also created employment for about 4,782 Nigerians. The Director-General, National Automotive Design and Development (NADDC), Jelani Aliu disclosed this yesterday in his message to the ongoing review of the Nigerian Automotive Policy Bill, & Nigerian Automotive Industry Development Plan (NAIDP), in Abuja… More details through: https://guardian.ng/business-services/auto-industry-attracts-over-1-billion-investments/ Within a nine-month period covering January to September this year, Nigerians spent about $1.416bn (N509.8bn) importing used vehicles into the country.
The figure was arrived at based on an analysis of the foreign trade in good statistics obtained from the National Bureau of Statistics. The cars were imported into Nigeria from the United States and some European countries such as Italy, Belgium, Germany and Canada… More details through: https://punchng.com/nigerians-spent-n509-8bn-on-imported-used-vehicles-in-nine-months/ President Muhammadu Buhari says Nigeria will collaborate with and support Hyundai Engineering Company Limited to set up a car plant and also rehabilitate petroleum refineries.
The president stated this when he received the President/Chief Executive Officer of Hyundai Engineering, Mr Chang Hag Kim, at State House, Abuja, on Tuesday. He said that Nigeria was committed to ensuring energy security in the country, “and the goal is to achieve self-sufficiency in the supply of petroleum products within the next three years.” More details through: https://www.dailytrust.com.ng/hyundai-to-set-up-car-plant-in-nigeria.html The European Union says Nigeria’s automotive industry is among its target private sector industries for long-term investment and development. An EU delegation led by Ambassador Ketil Karlsen made this known during a recent visit to PAN Nigeria Limited.
Karlsen noted Nigeria’s strong partnership with the EU and commitment of companies like PAN in sustaining business ties with France and maintaining qualitative standards of operations… More details through: https://punchng.com/nigerias-auto-industry-among-eus-investment-targets-delegate/ CFAO has partnered with Total to launch its first multi-brand, quick service franchise, AutoFast, in Total Retail Network service stations across Nigeria.
AutoFast, which currently has footprints in several African countries, offers quality and affordable car maintenance and repair services to vehicle users across the country. Total and CFAO have expressed satisfaction with the partnership which was consummated at an event at the Total service station, Wuse Zone 6, Abuja. More details through: https://www.dailytrust.com.ng/cfao-total-seal-deal-on-multi-brand-auto-service.html |
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