Rising cost of living and maintenance of auto mobile.
Its no longer news that the world at large is goinv through inflation and most central banks and economics have been combating it since the earlier 90's but this recent one which occurred post Covid has been all time high with most governments confused on the way to go about it . The cost of food, commodities and governance seems to be reaching for the stars with the middle class completely destroyed in some developing countries, the only thing not moving simultaneously with the inflation is the salaries and wages of employees as the employers says there is no sufficient funds to even pay salaries for the next few months especially in the private sectors.
Raising inflation in the nigeria economy is also putting the prices of new and used imported vehicles, popularly known as ‘Tokunbo’ cars, out of reach for millions of Nigerians, especially low-income earners, as the cost of maintainace has also risen drastically forcing most cummunals to park their vehicle as they couldnt meet up with the cost of operating the vehicle .
Accelerating inflation has be dwindling most household as incomes are eroded and consumers purchasing power is getting close to zero. Nigeria’s inflation, at 22.04 percent in March, far outpaced wage growth, according to data from the National Bureau of Statistics.
You are either rich and can afford a brand-new car or in the previous middle classs to buy a ‘Tokunbo’ car or you are poor and only resort to trekking and hopping on commercial vehicles, information obtained from the National Bureau of Statistics showed the value of used vehicles imported into Nigeria decreased by 47 percent in 2022 to N325.05 billion from N617.48 billion in 2021 because of the rising exchange rate.
According to a report by PwC, 63 percent of Nigerian households cannot afford to own a car without some kind of support. The report puts the total number of cars on Nigerian roads at 14 million, while used cars make up about 70 percent of vehicles sold in Nigeria.
In 2013, the federal government established the National Automotive Industry Development Plan with the aim of attracting foreign direct investment in the manufacturing and assembly industries to, curtailing the dependence on the importation of vehicles, and promoting local production of automobiles to improve the GDP.
“The policy had good intentions of reducing cost, however issues surrounding multiple taxations, difficulties along the ports corridors by a group know as the Custom service who has made life un easy for most business forks that are into importation, fluctuation in the exchange rate, and ease of doing business among others keep increasing the cost of car ownership in nigeria, no one knows when the era of this bad policy makers will ckme to an end .
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