“We are expecting the new government to address the issue of the exchange rate. The exchange rate for clearing vehicles at the ports is where we are having major challenges. So, if they can address this, it will make the business more lucrative.
“Again, it will help to make the economy better. We are expecting the new government to help us talk to them in the ports because there are so many agencies in the ports and they need to reduce them so that the costs and challenges with vehicle clearance will be addressed,” he asserted.“For cars like Toyota Corolla and other vehicles that are common here in Nigeria, the prices differ. There are no fixed prices; everyone sells according to how he got it.
“The prices have gone up by like 50 per cent. Of course, it has affected the number of cars we sell in a day. Currently, I did not even go to the office and the reason is that there is nobody buying cars again,” Olaniran lamented. The Managing Director of Zodik Freight Services, Mr Emmanuel Ngwuta, attributed the rise in the prices of imported cars to the increase in freight charges.
“After the global pandemic, we had economic degradation all over the world. The impact depends on a country’s economy and its exchange rate. For example, the shipping charge from America to West African countries increased. So, if you are from a country such as Nigeria, you cannot use the world rate because the countries’ economies vary. When there is an increase in shipping rates, there is every tendency that imports into Nigeria will increase.
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