Franchise owners of one of the most popular cars driven in Nigeria, Toyota has lamented over the poor sales of their products within the first quarter of 2017.
According to the Managing Director of Toyota Nigeria Limited, Mr. Kunle Adeojo, he said Toyota recorded the least sales of it’s car within Nigeria.
Adeojo speaking to newsmen at their Lekki, Lagos office during their quarterly meeting, he said Toyota sales was as low as 2000 cars within the first quarter of the year compared to 5500 car brands within the same period in 2016.
He said the poor sales is due to scarcity of forex, devaluation of the Naira, high interest rate and high duty being paid by automobile companies in the country.
Adeojo 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.”
“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.”
Despite the fall in sales Toyota has remained the most imported car brand in Nigeria importing 43 per cent of the vehicles in 2015 and in 2016.