Reports have shown that the annual demand of vehicles by Nigeria is about five hundred thousand with a worth of $5.2 billion in 2013, as against $4.4 billion in 2012 which represented 16 percent income against a 7.8 percent of 2012.
Mr. Alfred Okugbeni, Managing Director of Nigeria Sinotruck Limited, stated this while speaking at a forum of the Equipment Leasing Association of Nigeria, ELAN, in Lagos.
He also revealed that 64 percent of the cars were pre-owned and with Nigeria’s growing middle class population, the automotive industry could be sustained.
On the leasing assets composition, Mr. Okugbeni said that plant and machinery accounted for 16 percent; computer and office equipment, 10 percent; aircraft and ship, 5 percent; all other assets, 11 percent; while cars and commercial vehicles in 2013 constituted 58 percent of the total value of assets, not just in volume but in value.
He also explained that for every $66,000 spent in lease assets, $33,000 was spent in vehicle leasing, which according to him, showed the importance of the automotive industry.
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This article was first published on 19th August 2014
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Reports have shown that the annual demand of vehicles by Nigeria is about five hundred thousand with a worth of $5.2 billion in 2013, as against $4.4 billion in 2012 which represented 16 percent income against a 7.8 percent of 2012.
Mr. Alfred Okugbeni, Managing Director of Nigeria Sinotruck Limited, stated this while speaking at a forum of the Equipment Leasing Association of Nigeria, ELAN, in Lagos.
He also revealed that 64 percent of the cars were pre-owned and with Nigeria’s growing middle class population, the automotive industry could be sustained.
On the leasing assets composition, Mr. Okugbeni said that plant and machinery accounted for 16 percent; computer and office equipment, 10 percent; aircraft and ship, 5 percent; all other assets, 11 percent; while cars and commercial vehicles in 2013 constituted 58 percent of the total value of assets, not just in volume but in value.
He also explained that for every $66,000 spent in lease assets, $33,000 was spent in vehicle leasing, which according to him, showed the importance of the automotive industry.
