Automobile Market, Economic Trends, Consumer Behavior, Government Policies, Importation Issues, Local Manufacturing, Car Brands, Market Analysis, Corruption, Vehicle Pricing

The Nigerian Economist . 22 June 1992 . Pg 29

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In Nigeria, the rising prices of new cars have led many consumers to turn to 'Tokunbo' cars, which are used vehicles imported from Europe. These cars are more affordable and have become increasingly popular among various sectors, including government agencies and banks. Despite the growing demand, challenges such as corruption and high import duties on used cars persist. Japanese brands like Datsun and Toyota are particularly favored, while the local automobile industry struggles to compete due to the influx of imports. The Nigerian Automobile Manufacturers Association has called for a review of government policies to protect local manufacturers. Overall, while Tokunbo cars provide a solution for many, the future of Nigeria's automobile industry remains uncertain.

Summary

Summary may not be accurate; generated by machine learning.

In Nigeria, the rising prices of new cars have led many consumers to turn to 'Tokunbo' cars, which are used vehicles imported from Europe. These cars are more affordable and have become increasingly popular among various sectors, including government agencies and banks. Despite the growing demand, challenges such as corruption and high import duties on used cars persist. Japanese brands like Datsun and Toyota are particularly favored, while the local automobile industry struggles to compete due to the influx of imports. The Nigerian Automobile Manufacturers Association has called for a review of government policies to protect local manufacturers. Overall, while Tokunbo cars provide a solution for many, the future of Nigeria's automobile industry remains uncertain.