Yemi Osinbajo: Nigerians spend $8 billion importing used vehicles yearly

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yemi-osibanjoVice President Yemi Osinbajo has said that Nigerians spend over $8 billion annually on importation of vehicles while creating jobs for foreigners overseas with money being transferred abroad.

Speaking at the 19th edition of the Abuja International Auto Show on Wednesday in Abuja, Osinbajo said that the country imports over 500,000 vehicles every year. He added that most vehicles are fairly used that vehicles that are 10 to 15 years old, remain unsafe to drive in Nigeria.

“This is a lot of money going out of the country. The automotive sector has huge value chains and this is to say that Nigeria’s $8 billion going overseas to create workers overseas while millions of Nigerians are unemployed,” he said.

The Vice President, who was represented by the Director General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu, said Nigerians deserve more than just driving old vehicles that pollute the environment and also unsafe to Nigerians.

“This trend must be reversed. It has begun because we see companies producing vehicles in Nigeria. We hope as we continue, more of these vehicles will be assembled here in Nigeria.”

The Managing Director of Elizade Autoland, Demola Ade-Ojo, told participants at the Show that 700,000 ‘tokumbo’ vehicles imported into Nigeria is spoils the market for brand new car dealers.