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’’.

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