By Fadlullah Sulaimon
Car dealers in some parts of Abeokuta, the capital of Ogun State, are grappling with a significant decline in patronage, attributing it to the prevailing economic conditions exacerbated by the recent surge in fuel prices.
Mr. Ahmed Adekunle, the Founder of Tripple A car dealer, shared his concerns with PLATFORM TIMES regarding the drastic drop in patronage following the fuel price hike.
Prior to the announcement of subsidy removal, Adekunle had already been experiencing sluggish sales and profits. However, the situation has worsened, with customers now steering clear of car dealerships.
Some individuals have even resorted to selling their cars or leaving them parked at home while they opt to walk to their destinations.
“I have been recording low sales since the announcement of subsidy removal by the Federal Government of Nigeria. I know of not less than 10 customers who already sold off their cars due to the hike in fuel price, and others have parked their cars at home, choosing to trek to their destinations,” lamented Mr. Adekunle.
He added, “I’ve had to advise them not to sell their cars, assuring them that things will soon improve. Some, however, went behind my back to sell their vehicles, explaining that they could not afford to maintain them.”
Mr. Olamide Ayeni, a sales assistant at Gum Investment, echoed similar sentiments.
He pointed out that both the fuel price hike and the soaring exchange rate have driven up car prices, discouraging potential buyers.
“In these trying economic conditions, people are more concerned about basic necessities like food and clothing, displaying minimal interest in purchasing cars,” remarked Ayeni.
“Our business heavily relies on two factors: the exchange rate and fuel prices.
“We implore the Federal Government to work towards a sustainable solution to the challenges posed by high fuel prices and a volatile exchange rate.”
As car dealers in Abeokuta face the brunt of economic hardships, they hope for respite through government intervention and a return of consumer confidence in the automotive market.
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