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MD Toyota Nigeria Laments Poorest Vehicle Sales Recorded In Decades

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Toyota

The Managing Director of Toyota Nigeria Limited, Mr. Kunle Ade Ojo, has lamented the poor vehicle sales recorded in the country in the first quarter of the year which fell to an all time low of 2,000 vehicles within the period.

Briefing newsmen at their Lekki, Lagos office during their quarterly meeting, the managing director disclosed that the total sales figure of vehicles across the country including all brands stood at 2,000 units when compared to 5,500 vehicles sold within the same period in 2016.

He, therefore, forecast that given the way the industry was going, it would be difficult for all the car companies to sell 9,000 vehicle before the end of the year Economic shortfall He attributed the poor sales and import figure of vehicles to scarcity of foreign exchange, devaluation of the naira, high interest rate and high duty being paid by automobile companies in the country.

Ade-Ojo said, “The scarcity of foreign exchange, devaluation of the naira and the high interest rate coupled with the economic shortfall hiked prices of vehicles and crippled buying power of many buyers,” adding that 3500 units of vehicles were imported in the first quarter of 2016, while 350 units of vehicles were imported in the first quarter of 2017, the lowest in the last decade.

Annual import vehicle figure before 2016 was between 50,000 to 100,000. He added that even with recent efforts made by the government to tackle the forex challenge, the sector has not seen positive results, stressing that vehicles were being overvalued by customs official at ports of entry.

“If we add everything we pay like VAT and other taxes, you will discover that the vehicle importer pays as much as 85 per cent duty on a single car,” noting that his company paid as much as N15m on one Land Cruiser vehicle. Despite all the challenges, he said that Toyota still leads the market in terms of vehicle sales and import and attributed Toyota’s lead to quality of product, excellent after sales and availability of spare parts.

According to him, Toyota sold about 7,000 cars in 2015 and about 4,000 vehicles in 2016 to further its share from 24 per cent in 2015 to about 26 per cent in 2016. The total retail market in the country stood at 42, 000 in the country in 2015 and fell to about 15, 000 by the end of 2016 to indicate market drop of about 42 per cent.

Ade-Ojo added that vehicle import for 2015 was at 18, 000 but came down to 7, 000 in by the end of 2016. Despite the challenges in the market, the company has continued to lead the sector, importing 43 per cent of the vehicles in 2015 and in 2016 has share of 38 per cent.

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Dana Air initiates refunds following suspension by NCAA for safety audit

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Dana Air has announced that it is processing refunds for flights affected by its recent temporary suspension.

The Nigeria Civil Aviation Authority (NCAA) imposed the suspension to conduct a safety and financial audit following a runway incursion incident involving one of the airline’s aircraft on Tuesday.

The airline disclosed this information in a statement on its official X (formerly Twitter) account on Wednesday, apologizing for the inconvenience and disappointment the suspension may have caused its passengers regarding their travel plans.

According to Dana Air’s statement, passengers who have already booked flights are instructed to send their flight booking details (PNR) and bank account numbers to contact@flydanaair.com for refunds.

  • “In light of the suspension, we understand that you may have concerns regarding your bookings and travel plans. We assure you that we are processing refunds for affected flights over the next month.
  • “To expedite this process, we kindly request that passengers send their booking details (PNR) and bank account numbers to contact@flydanaair.com,” the statement read in part.

The statement also assured Dana Air customers that the airline is fully cooperating with aviation authorities to address any concerns and ensure that the matter concerning the suspension of its operating license is swiftly resolved.

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Naira falls to N1,300/$ at parallel market

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The naira, on Wednesday, depreciated to N1,300 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 3.17 percent drop from the N1,260 traded on April 22.

Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,260 and the selling price at N1,300 — leaving a profit margin of N40.

At the official window, the naira fell to N1,308.52 against the dollar — a 0.64 percent decline from the N1,300.15 traded on April 23.

According to the FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the naira recorded a high of N1,367 and a low of N1,098.

With the current record, the official window rate still surpasses that of the parallel market by N8.52.

The Central Bank of Nigeria (CBN), on April 23, reduced the FX rate for dollar allocations to BDC operators.

The financial regulator, in a circular signed by Hassan Mahmud, director of trade and exchange department, said it sold $10,000 at the rate of N1,021/$ to each BDC.

On April 8, CBN also sold FX to the BDCs at the rate of N1,101/$, compared to the N1,251 the apex bank offered to the parallel market operators on March 25 and the N1,301 announced on February 27.

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Economic hardship: Soludo’s wife advises Anambra women to embrace backyard gardening

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Nonye Soludo, the first lady of Anambra, says women in the state should embrace backyard garden practice to help their families cope with the rising cost of living.

Nonye, the founder of Healthy Living Initiative, spoke when she received a group of Anambra female farmers and businesswomen in Awka, the state capital.

She said home garden practices have helped families as primary and regular sources of diet and nutrition

The Anambra first lady said backyard gardens would also reduce dependence on commercial food products which are mostly expensive.

“Economic circumstances do not completely determine healthy living practices, including the choice of what we consume to keep the body in good shape,” she said.

“We also need to dispel the notion that eating healthy is about eating expensive food products.

“You only need to go to the small farm behind your house to pick up what the body needs to be healthy.

“This is why I am encouraging families to embrace backyard or home gardens and this is in line with the state government’s agricultural agenda.

“Those who live in areas without enough land for subsistence farming purposes can adopt sack farming, which does not cost anything to set up.

“By having such farms around the house, households can have easier and healthier alternatives, cut down their costs of living and boost the green environment.’’

Nonye said her healthy living campaign aims to sensitise households on adopting healthy living as a culture.

“One of our goals is to ensure that families in Anambra prioritise nutritional values of what they eat to improve their family health,” she added.

On her part, Esther Onyekesi, the leader of the group, said women have a major role to play in food production and should be given every necessary support.

Onyekesi, who is also the women’s leader of the All Progressives Grand Alliance (APGA) in the state, encouraged her colleagues to key into backyard farming to enhance food security.

She added that the recent hike in prices of foodstuffs should encourage everyone to go into farming.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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