Why buying new cars is extremely difficult for Nigerians – Toyota Chair

Cash award given to the DPR during the Toyota Nigeria Limited Award & Dinner Night in Lagos.
Cash award given to the DPR during the Toyota Nigeria Limited Award & Dinner Night in Lagos.

The Chairman of Toyota (Nigeria) Limited, Chief Michael Ade-Ojo, has said Nigerians are not buying new cars because the last few years have been “extremely tough” for businesses following series of crisis in the nation’s economy.

He spoke during the Toyota Award/Customer Night Ceremony held in Lagos to appreciate its customers for their patronage in 2018.


Chief Ade-Ojo said however that despite the vicissitudes of the economy, the company has remained strong and formidable with the support and cooperation of the customers.

Our correspondent reports that three organizations received the customer of the year award.


MTN Communication Limited emerged the second runner up; Department of Petroleum Resources (DPR) was the first Runner-up while the Ministry of Defence won the Customer of the year.

The biggest winner was First Bank which emerged as the Evergreen Customer of the year with a reward of brand new Toyota Yaris.

Chief Ade-Ojo said the purchasing power of Nigerians in buying brand new car has been “weakened” and “the unprecedented surge in prices of goods and services” has made ownership of new vehicles “extremely difficult for average Nigerians”.

He however said despite the current monumental challenges, Toyota (Nigeria) Limited, will continue to devise means that will enable its customers enjoy their preferred auto brand.

“We will continue to initiate customer friendly, business improvement strategies aimed at making our brand more affordable. One of such strategies is the introduction of more brand affordable Toyota models and Spare parts.

“We are committed to doing the needful at all times to sustain the culture of superior quality and excellent customer service that Toyota (Nigeria) Limited is known for”, he said.

The Managing Director of the company, Mr. Kunle Ade-Ojo said Toyota had improved on its after sale facilities and services for the comfort of the customers.

He also stressed that despite the fragility of the economy, Toyota, being a “resilient company” has remained afloat and well positioned to serve the customers better.

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