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...

N87.5m Cayenne Turbo heralds Porsche return  

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The premium league of the the Porsche SUV segment came alive last week with the arrival of the latest generation of Porsche’s most successful SUV model line.

Its availability continues the exciting story of the brand since 2002 when it debuted as Porsche’s first off-road variant and first vehicle in the German automaker’s line with four doors.

Available at Porsche Centre Lagos, Victoria Island with the prices ranging from N46. 3million for the base model, N53.2million for customised version of the Cayenne S and N87.5million for the Cayenne Turbo, the franchise said the brand is admired by many high profile customers.

Completely redesigned from ground to up, the Cayenne brings closer its racetrack roots and offers greater versatility and more performance than ever before.

Powerful turbocharged engines, enhanced chassis systems, a range off-road modes and a sharper design underpin the model’s credentials as a true sports car in its segment.

Additional enhancements to the latest generation also include intelligent assistance systems and more connectivity features aimed at offering improved driver and passenger comfort.

General manager, Porsche Centre Lagos, Anurag Shah, said: “Since its initial launch, the Cayenne has been one of the most popular models in Nigeria, and I have no doubt that the third generation, which offers even more sports car performance and practicality, will continue this success story.

“For me, the new Cayenne’s versatility is truly unique. It is at home on any road, but it is equally ready to explore new terrain. It enjoys a short sprint as much as a long road trip, and the commute to work as much as a lap on the track. It is capable of producing a superb drive experience virtually anywhere, and that is really what sets the Cayenne apart from any other SUV. We’re … Read More...

Ford plans Ranger Pick-Up sales surge in Nigeria

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Ford Motor Company said it is optimistic of increasing its market presence in Nigeria. This renewed interest was declared by Neale Hill, managing director of Ford South Africa and Ford Sub-Saharan Africa, in George, South Africa venue of the historic media launch and rest drive of the upgraded new Ford Ranger.

During a press launch in George, South Africa last month, Neale Hill, managing director of Ford Motor Copany, South Africa (FMCSA) assured that, the updated Ranger pick-up would in the future also be assembled in Nigeria at the Ford plant inaugurated by Coscharis Motors in October, 2017.

“When we were building the Ford plant in Nigeria, we were looking forward to having a good volume of production. Nobody had expected the present economic situation’’.

He was, however, optimistic that the market would bustle again, and that the coming of the new Ranger would stand Ford and Coscharis Motors in good stead in the Nigerian market.

The Managing Director and other Ford officials at the press launch attended by journalists from 15 countries said the out-going generation of Ranger has been a phenomenal success in the light commercial vehicles segment, both in South Africa and internationally.

Hill further explained that the investment of billions of Rands to operations at the Silverton Assembly Plant in Pretoria made it possible for Ford to produce a wider range and higher volume of vehicles, including the Ranger, for the South African market and export to {other} African and European markets.

Last year, international demand for the trend-setting Ranger pickup reached an all-time high, with the Silverton plant shipping a total of 68 364 units to export markets – a substantial 16.2 per cent increase compared to 2017.

The managing director described last year as an extremely busy and successful Read More...