Toyota tops Nigeria’s import chart in 2014
In spite of teething problems in 2014 automotive market year characterised by the controversial automotive policy, compounded by unfavourable exchange rate of the naira, Toyota Nigeria Limited, last year maintained the number one position on Nigeria’s imported vehicle chart with a total of over 15,700 vehicles.
During the 2014 Award night held in Lagos over the weekend, Kunle Ade-Ojo, managing director of Toyota Nigeria Limited (TNL), stated that Toyota was able to maintain its market leadership in the face of uncertainties as a result brand loyalty by customers and high level of confidence enjoyed by the motoring public under the manufacturer’s representatives in the country.
The managing director maintained that, even in the face of difficulties, TNL will continue to offer customers best-in-class models and after-sales services to its loyal consumers at all times in line with automakers slogan of continuous improvement (Kaizen).
In 2014, an estimated 60,000 new vehicles were imported into the under the new current automotive policy of the federal government under 35 percent duty and another 35 percent levy regime charged on every imported new vehicle into the country. Toyota share of the number of cars imported during the period represent 27 percent.
In the past years, Toyota’s share has always revolved around 33 and 35 percent. Industry followers are of the opinion that the drop in the brand’s market share as also experienced by other competitors may not be unconnected with the twin factors caused by the 70 percent tax on new vehicles as well as the drastic fall in the exchange rate of the local currency.
Another piece of good news is that Toyota has announced plans to complete its assembly plant by August this year. This was disclosed by Michael Ade.Ojo, chairman of Toyota Nigeria Limited (TNL), who said that plans were underway by the company to set up assembly plant in Nigeria.
Investigations by our reporter reveal that the upcoming plant, which is to be located at Ikotun area of Lagos, will have the capacity to assemble Toyota Hiace commercial models programme. Toyota Hiace accounts for the largest number of mini buses used for commercial buses on Nigeria roads by transporters.
Aminu Jalal, director general, National Automotive Council (NAC), in his reaction on the development, said the decision of Toyota to set assembly plant in the country aligns with Nigeria’s much needed march towards the local revival of auto assembly plants and stimulation of industrial development.
He noted that Toyota is a global market leader and it is hoped that “the same feat will be replicated in Nigeria to meet the needs of job creation and development of automotive and allied support industries which is part of the automotive policy objectives.”
Kelly Nwosu, an economic, said that it is expected that a Toyota assembly plant in Nigeria, like other local assemblers that have shown interest in producing cars, would lead to a reduction in the price of the brand of vehicles; creation of more jobs, improvement and transfer of technology to the locals and economic development.
MIKE OCHONMA