He stated, “With the current prices of cars, low-income earners earning around N100,000 monthly, even if they get a loan, they will find it very difficult to pay it back. There are many other financial obligations for such individuals.

“That is why we will be on better leverage when we purchase vehicles assembled in Nigeria. But, car manufacturers in the country are not thinking of average Nigerians. They should think about producing cars that are reasonably good and suitable for our usage. Right now, they are building supersonic cars with prices far beyond the reach of common Nigerians.

“We are trying to look inwards so as to patronise our own local assemblies in Nigeria. That is why we have been trying to partner with the National Automotive Development Council to see how we can bring that to reality. We have been talking about how to make our own cars here more efficient and durable.”

Adedoyin also expressed concern over the increase in car duties, adding that the new percentage will further push imported cars out of Nigerians’ reach.Adedoyin said, “What was introduced is an increment, because four per cent was introduced and only one per cent was removed. They said they are cancelling the one per cent levy, and now they have added four per cent. So, there is an increment of three per cent at the end of the day.

“The other seven per cent that we thought they were going to remove is not even meant for the Customs. It was meant for the Nigerian Ports Authority and others. They did not remove it.

“It is a demand and supply thing. There is no patronage like before due to the prices. If you check the level of vehicle importation, it has also dropped. Right now, on our side, we are trying to see how we can really bring in locally assembled Nigerian cars to be sold by our members, rather than importing from the USA or Canada.”

The AMDN National President noted that it would be difficult for many Nigerians to afford any car at the moment, as prices had increased outrageously.Lamenting the havoc the price hike had wreaked, Adedoyin said that expired cars were being refurbished, leading to accidents on the roads because they were no longer roadworthy.

He said, “That is why we are advocating that we look inwards. However, this issue has affected car sales. Invariably, this problem is causing harm on our roads because when people cannot replace their old vehicles, they tend to manage them. Managing such vehicles leads to a lot of accidents.

“Cars are necessities. If the purchasing power is not increased, there will definitely be a drop in purchasing. The exchange rate is another factor affecting the importation of cars. Although the exchange rate is not determined by Nigeria, if we check the rate now, the amount we exchange for dollars has greatly increased. Some years ago, it was not like this. Today, the duty for a car is based on the amount it is purchased for in dollars.”More Nigerians sell cars

A private car owner, Olumide Adegbola, told our correspondent that he had to sell his vehicle due to the worsening economic situation in the country.

He explained that feeding his family had become a daily struggle, making it nearly impossible to afford fuel for transportation.

“The economy has really been tough lately. I can’t even afford basic necessities,” he said. “To stay afloat, I had to sell my car to meet my family’s needs. It was a Corolla I bought a few years ago for N2,000,000, but I had to sell it for N4,000,000.”

Another car owner, identified simply as Yunusa, also shared that he sold his car as a result of financial hardship. Recounting his experience, he said, “I lied to my client that I was travelling just so I could sell my car. I wasn’t travelling, hunger will make you do anything just to survive.

“Now, I don’t have a car, and honestly, I don’t know when I’ll be able to afford one again. Things are really hard.”

“It’s the profit that made me sell it so that I can help my family and be stable financially.”

Agents speak

Licensed Customs agents operating in the nation’s maritime sector opined that introducing the four per cent FOB levy would negatively affect vehicles and other imports.

A former Interim National President of the Association of Nigerian Licensed Customs Agents, Pius Ujubonu, told Saturday PUNCH on Friday that the policy would make the acquisition of vehicles purely luxurious.He added that in a few months to come, vehicles would be out of reach for nearly everybody in the country.

“It is almost making the acquisition of a vehicle purely a luxurious thing. It didn’t take into consideration the necessity of transportation, because there was no exemption in the policy introduction. If it is a situation where, for example, commercial, special-purpose vehicles, among others, are exempted, it would have been a different thing. But the moment you make it a policy without any exemption, it affects several ways. In the next one or two or three, four months, vehicles will almost be out of reach for nearly everybody,” Ujubonu said.The National Public Relations Officer of the Association of Registered Freight Forwarders of Nigeria, Mr. Taiwo Fatobilola, said, “The very moment there is an increase, it affects everything. But, the only area where we are disturbed is the seven per cent surcharge that has not been removed. Because the assurance they gave was that they were going to remove the one per cent CISS and the seven per cent surcharge. FOB is supposed to cover both that one per cent and seven per cent, but the seven per cent is still appearing on the system, so that is the only area where I feel.”

A member of the Elders Maritime Agents Association, Nnadi Ugochukwu, described the four per cent FOB as an addition to the cost of doing business. “So, that is an addition. Many people are abandoning their goods, especially their vehicles, in the ports, because of the cost of clearing. And now they want to add more money to the cost. And when you push that to the people, it goes to the economy to cause inflation; it’s as simple as that.

“Many businesses will have to fold. But the point is that they will add the prices they sell in the market. So, of course, it will affect imports. Some people may no longer be able to travel. They just stay around and manage what they have here,” Ugochukwu said.

A member of the National Association of Government Approved Freight Forwarders, Stanley Ezenga, however, said it was too early to attribute the introduction of the four per cent FOB levy to the drop in imported vehicles.“The thing just started, so it would be too early to judge the effect. But, no matter what, importation can never stop, and for now, it hasn’t dropped. So, we should give them like three months to see because already some products have been imported into the country that are yet to be cleared.

“To me, it won’t lead to any decline in imports; rather, it will lead to inflation because importers will add what they have spent on the goods, and it will trickle down to the final consumers,” he said.