Nigeria new car imports soars

Nigerian new vehicle imports jumped 45 per cent in the first 11 months of 2011 compared with the same period last year. Car sales in Nigeria are a proxy measure for private purchasing power, a leading economic indicator in Nigeria. Nigerian port figures showed new vehicle imports increased to 47,267 units in 11 months to November, from 32,634 units in the same period of last year according to vehicle importers. Bank credit to the private sector grew 16 per cent at the end of October, compared from the same period a year ago, Nigeria’s central bank figures showed, boosting demand for big-ticket purchases including vehicles. Credit flows grew less than 2 per cent in 2010 as Nigeria’s banking crisis raged. Dealers said most consumers in Nigeria rely on bank financing to purchase vehicles and estimated the pent-up demand meant sales could increase by 20 percent as credit recovers.