New car ownership eludes Nigeria’s middle class

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 BKG Exhibitions Limited of Nigeria, SENEXPO International Fairs Inc of Istanbul, Turkey and China Auto Modification Accessories Association (CAMAA)-Genertec of China is recording such turnout in these challenging times underscores the seriousness of stakeholders to keep the sector running.

The managing director of BKG Exhibitions Limited noted that the presence of these companies will go a long way in reinforcing the aims and objectives of the show which is fast tracking the development of the automotive sector of in Nigeria. Their coming at this time shows seriousness and resilience on their part.

With ‘New Contacts; New Opportunities’ as this year’s theme, Agwu explained that, this was informed by the enormous offers available in this unique key industry event.

He noted that despite the challenges confronting the sector currently, the organisers shifted to a new approach of educating the people and government in developing new options and approaches for creating and harnessing new abundant opportunities in the sector through the event with emphasis on keeping the sector alive.

According the head of the organizing committee, Lagos Motor Fair remains the platform for existing brands as well as new entrants, ranging from passenger busses, cars, trucks, spare parts, accessories, lubricants, financials and many more.

He emphasised that, the importance of continuously staging the show cannot be over-emphasized as all hands must be on deck to promote and support investments into the sector which occupies a strategic position in enhancing the economic development of Nigeria.

Continuing Agwu revealed, “As part of our efforts in promoting investment into the automotive sector, all strategies have been deployed to ensure that the fair more than ever before receives the needed attention from participants, institutional, trade, professional and individual buyers as well as visitors’’.

Some of the companies and agencies that are participating are: Toyota Nigeria Limited, CIG Motors Limited, PAN Nigeria, Elizade Autoland (JAC Motors), TATA Motors and National Automotive Design and Development Council (NADDC)

Others are: Ammasco Oil, 11 Plc (Mobil), Eterna Plc, Golden Tripod, Starsew Machine-Denso & Aisin, Garu Technologies and, Michelin Tyres Services Company Limited . Companies from Turkey, China, India, South Korea and United Arab Emirates are also participating in the Autoparts Expo.

 

MIKE OCHONMA



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