The unfavourable forex regime and recession currently facing Nigeria has reduced the volume of importation.
According to the Operations Manager, Ports and Terminal Multiservices Limited, Mr Jack Angrish, vehicle imports have reduced from 30,000 to 6,000 in the last six months.
Angrish said that the unstable and high cost of the US dollar over the local currency did not encourage vehicle trade in the period under review.
He made the statement today, November 5 in Lagos, the News Agency of Nigeria reports. Vehicle importation into Nigeria was before now a booming business.
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His words: “This is time for the vehicle business operators to pool their resources together to facilitate domestic manufacturing.
“Vehicle imports have reduced from 30,000 to 6,000 in the last six months with the attendant problem of loss of jobs by terminal officials.
“Many vehicle seats are empty and this is the last quarter of the year.’’
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