Nigerian Cars Market, after the negative start of the year, reported a huge loss in the first half 2020, due to the as several states imposed restriction measures due combined effects of strict social distancing measures and widespread travel restrictions due to covid19 and the fall of oil price in the international market.
Q2 2020 Light Vehicles sales figures
The Nigerian new light vehicles market seems unable to recover after the series of negative facts which impacted severely the market in the last years.
In the 2020, the modest growth of the economy was killed by the combined effects of strict social distancing measures and widespread travel restrictions due to covid19 and the fall of oil price in the international market.
The consumer goods demand was deeply hit and car sales have been near zero both in April and in May, recovering marginally in June.
As result first half new light vehicles sales have been only 4.300, down 50.3%.
The market leader was Toyota, reporting 800 sales (-58.2%) ahead of Ford (-35.9%) and Mitsubishi (-41.2%).
Although the economy managed to grow modestly in the first quarter, activity was likely severely dented in the second quarter amid the spread of the Covid-19 pandemic and still-subdued oil prices following their collapse in March.
After touching rock bottom in April, the private sector PMI rose steadily through June as lockdown measures began to be eased. Nevertheless, it remained well entrenched in negative territory in the quarter—indicating that business conditions remained frail.
Concerningly, jobs were cut at a survey-record pace in June as firms struggled to pay their staff, and the services sector seemingly reeled the most in Q2. In addition, secondary sources show that oil production was reduced by nearly 20% since March, in line with the OPEC+ cut agreement.
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