By John Iwori
Nigeria has recorded a drop of 67 per cent in new cars importation in 2015 as only 15,031 new vehicles were imported down from 45,618 this year, compared to the 2014 figure, Toyota Nigeria Limited (TNL) has said.
TNL said 15,031 new vehicles were imported into the country by various dealers in 2015 as against 45,618 new cars imported in 2014.
Giving an insight into the figures, Head of Marketing, Toyota Nigeria Limited (TNL) Mr. Andrew Ajuyah attributed the drop to the federal government’s full implementation of the automotive policy and the free fall in the value of the naira against international currencies, especially the United States (US)dollar.
The federal government had in the last quarter of 2013 introduced the Nigerian Automotive Industry Development Plan (NAIDP), which raised the import tariff on cars to 70 per cent from 22 per cent and on buses and other commercial vehicles to 35 per cent.
NAIDP was put in place by the Federal Government during the administration of Dr. Goodluck Jonathan with the aim of arresting capital flight by discourage the importation of new and used automobiles.
It was also meant to encourage local production through the building of assembly plants for vehicles in the country.
However, the policy could not be fully implemented immediately owing to pressure from stakeholders.
According to Ajuyah, 2015 marked the full implementation of the auto policy and that accounts for the drop in car imports.
Although local vehicle assemblers are granted zero per cent tariff on Completely Knocked Down vehicle parts and allowed to import twice the number of vehicles locally produced at 35 per cent or 20 per cent as a way of bringing down prices of vehicle, the cost of automobiles have remained high even as dealers of new vehicles have complained of poor sales.
Ajuyah said the continued fall in the value of the naira against the dollar had forced auto dealers to reduce the number of vehicles they imported during the year.
The naira, which was about N210 to one dollar about six months ago, went up to 280 in the first week of December.
Meanwhile, Nigeria cashew exports are worth $250 million (about N49.7 billion) yearly, according to the National Cashew Association of Nigeria (NCAN).
Speaking at a logistics meeting in Lagos, its President, Pastor Tola Faseru said the average export price goes up yearly with increased demand coming from consuming nations.
He said Vietnam and India remained Nigeria’s largest buyers.
Globally, stocks of nuts, including cashew, in North America and Europe had been low, while global demand had increased. This offers good prospects for the Nigeria’s cashew industry this year, he said.
The industry, according to him, is expected to earn $250 million from export of 180,000 tons of cashew nut.
He said global demand for its nut has been forecast to go up. He urged exporters to pay more attention to improve product quality and ensure hygiene and food safety to enable exports.
He said the cashew industry has developed in recent years and focused on improving technologies.
Faseru said the industry wants to increase cashew cultivation area, nationwide and produce 500,000 tons by 2020.
He said the association was working with farmers and the government to develop cashew growing areas and giving technical support to farmers to help them increase profits.
To enable Nigeria improve its position as a major cashew exporter, he said the association decided to hold a meeting with operators across the port value chain in order to reduce the transit time for cashew exports.
He told exporters and farmers that forging a united front can help revamp the cocoa sector, which has over the years, sustained the economy, adding that the collaboration of stakeholders was crucial in global cashew sustainability.
