Nigeria’s vehicle imports drop 80% due to Forex

The prevalent unfavourable forex regime has continued to reduced the volume of vehicles imported through the Nigerian ports, the Operations Manager, Ports and Terminal Multiservices Ltd. (PTML), Jack Angrish has said.

Angrish said that the unstable and high cost of the US dollar over the local currency did not encourage vehicle trade as many vehicle seats remained empty with vehicle importation dropping by 80 per cent from about 30,000 to just 6,000.

Angrish told our correspondent on Saturday in Lagos that “this is time for the vehicle business operators to pool their resources together to facilitate domestic manufacturing’’.

He appreciated the courage of the management of LADOL Ltd., for thinking in that direction and urged others to align in that direction.

According to him, the country will be insulated from the vagaries of dollar if businesses begin to look inward and improve on available start points.

“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.

“It is very unfortunate that the loss of Nigeria in terms of revenue on vehicle imports has continued to be the gains of the neighbouring ports of Cotonu and Lome,’’ the PTML manager said.

He said that cars were being smuggled into Nigeria and the revenue was going to ports of Cotonou and Lome.