Can anyone afford a ride? The great Nigerian car conundrum
- The best deal for a used 2005 Toyota Corolla was N7 million, while a 2008 Toyota Corolla was N8 million.
- Foreign-used sedans now cost at least ₦5 million, and Nigerian-used ones cost ₦3 million.
- The number of cars imported through the Tin-Can Island port dropped from 32,000 units in 2018 to 4008 in 2023.
The rising prices of cars in Nigeria, coupled with the decline in imports and limited local production, pose significant challenges for both individuals and businesses. The high costs are forcing many to compromise and seek alternative options, such as Nigerian-used cars or different financing methods. However, the lack of awareness and understanding of auto loan options remains a barrier for consumers. Without significant changes in the macroeconomic conditions and financing landscape, the Nigerian car market is likely to face continued difficulties.
