Nigeria to phase out Tokunbo cars by 2034

Indication emerged on Thursday that imported used cars, otherwise known as Tokunbo, would still be around for the next 19 years.

A new report by PricewaterhouseCoopers said tokunbo cars would be phased out of Nigeria’s automobile industry by 2034 if the Federal Government under Muhammadu Buhari would judiciously implement the auto policy introduced in 2013 to encourage local production of new vehicles.

He, however, said the demand for used vehicles, which would not abate, would be generated internally rather than foreign imports as from 2044 when the Tokunbo cars would have become non-existent.

The group put the used cars for imported in 2015 at 335,000, which is 268.78 per cent higher than 90,840 new vehicles so far imported into the country this year.

Major auto players and experts such as the Chairman, Toyota Nigeria Limited, Chief Michael Ade-Ojo; and the Chief Executive Officer, Economic Associates, Dr. Ayo Teriba, cautioned about hurried implementation of the Nigeria’s auto policy.

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