Nigerians Demand About 500,000 Thousand Cars Per Year, Spe‎nt $5.2 Billion on Cars in 2013

‎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.