New car ownership eludes Nigeria’s middle class

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The Nigerian middle class is gradually fizzling away as a result of their inability to purchase brand new vehicles due to the high cost of these vehicles and worsened by lack of consumer credit purchase scheme in the country. And even where such exists, the interest rate offered by the banks and other financial institutions are always within the reach of the middle class that survives on meagre salary.

With the stage set for the 2019 edition of the annual automobile exhibition and autoparts expo in Lagos orgainsed by BKG Exhibitions Limited, the Federal Palace Hotel, Victoria Island, Lagos will once again provide another platform for a sober reflection for the Federal Government and other critical stakeholders to reflect on the nation’s journey under the 2013-2023 National Automotive Industrial Development Plan (NAIDP).

It will indeed be an opportunity for stock taking on how far Nigeri has gone as country with abundant resources, sound minds and high successful people, yet many cannot afford a brand new car, even as many so called local assembly plants are now idle due to inaction on the part of government.

Every year, the organisers put in extra effort and planning to assemble local automobile dealers, foreign auto spare parts makers, decision makers in government at various levels and decision makers in the industry to come and and network among themselves as well as showcase what they have for the visiting members of the public.

According to BKG Exhibitions, more than 50 players in the global auto industry are taking part in the exhibition the 14th Lagos Motor Fair & 8th Autoparts Expo at the Federal Palace Hotel, Victoria Island, Lagos. The event lasts from May 6-11.

Ifeanyi Agwu, Chairman of the Organising Committee of the fair which is organized by … Read More...