Due to the economic crisis in Nigeria the demand automobile has reduced by 37.5% i.e From 400,000 - 250,000 of its annual sale volume of automobiles.
According to a chat that the Director-General, National Automotive Design and Development Council, Mr. Aminu Jalal had with journalists in Abuja on Tuesday.
He said, “The current economic situation is affecting the market share of vehicles. For every one per cent growth in GDP, demand for vehicles grows by two per cent.
“But when there is recession, people stop buying vehicles and the demand goes down. A lot of people will not want to change their vehicles because of the economic situation and you will expect them to keep using such car for a longer period.
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