BY OLIVIA NNOROM
The rapid population growth and the increasingly trending national economy have put vehicle demand at unprecedented highs in Nigeria, and TRADE X, a B2B cross-border automotive trading firm based in Ontario, Canada, has revealed that it has opened a new office in Lagos, Nigeria’s biggest city, to help meet the increasing local demands for vehicles.
In recent years, poor transparency around logistics, vehicle condition, valuation, and pricing has been a barrier to entry in automotive trading as trades were limited by a lack of trust, visibility, and buyer and or seller protection.
The trading firm in a statement on Thursday said the new office will significantly improve the automotive trade corridor between other continents such as North America, Europe, and Asia to Nigeria, where vehicle demand outweighs supply by far. It said this would be made possible by providing African dealers with a wider range of vehicle accessibility that would have otherwise been difficult to obtain.
- Emerging markets seek solutions amid increase in plastic waste
- Growing demand for LPG exposes Nigeria’s attractive market to business
- Hyundai gives first look at Ioniq 6 EV as market share soars
- Lagos targets 60% retail trading to boost market penetration
- MTN Nigeria gets commendation for supporting education
TRADE X Nigeria will also simplify vehicle importation and purchase for local dealers who would ordinarily purchase vehicles from suppliers in these other continents.
“We feel that it’s important to have an on-the-ground presence in key markets, to build relationships and establish trust with local dealers and fleet owners such as in Nigeria.
“Our goal is to create a trusted, borderless marketplace where buyers and sellers have access to the largest supply of inventory to ensure they are getting the best possible deal. The TRADE X team in Lagos is poised to revolutionise the way new and pre-owned vehicles are imported and traded in Nigeria,” said Damilola Thompson, emerging market lead for TRADE X and who oversees the new Lagos office.
Olufemi Folarin, vice president of trade and business development, TRADE X, said that the Lagos office will be a game-changer for Nigerian automotive buyers and consumers while helping to accelerate local vehicle turnover and revenue.