Soaring duties, FX rates cripple Nigeria’s used-vehicle market

•As dealers lament sales slumpCar dealers in Nigeria have lamented a sharp decline in vehicle sales, blaming soaring import duties, high exchange rate and rising cost of living as reasons why car ownership is increasingly becoming unaffordable for many Nigerians.Nigerian Politics CoverageA car dealer and importer, Mr Paul Uche, said the auto market segment has experienced a significant change in prices and customer patronage, with most vehicles now selling over five times higher than the prices three years ago.