Auto & Transportation

According to Watson & Band Import and Export Data Observation Report, the Nigerian government has banned the import of cars in order to save foreign exchange reserves, and only allows the import of electric vehicles.

According to the Nepal National Automobile Dealers Association (NADA), the import ban and the increase of loan interest rates by banks and financial institutions have increased the financial burden on businessmen. At least 58 auto dealers across Nepal have closed down, and more than 1,000 employees have lost their jobs. At the same time, 100 dealerships are on the verge of bankruptcy, and there are currently 1,025 auto dealerships in operation across the country, Watson & Band Import and Export Data Observer reported.

NADA said the government had extended the import ban, putting the auto business in further trouble. According to Huacheng Import and Export Data Observation Report, NADA has been urging the government to lift the ban. If the ban lasts until mid-November, all dealers in the Kathmandu Valley will be closed. The business has declined sharply, and they can only borrow from the bank to pay employees' salaries.

According to Watson & Band Import and Export Data Observation Report, previously, the Ministry of Industry, Commerce and Supply of Nigeria notified on April 26 that the import of 10 different types of items was prohibited. Although the ban on some of these products has already been lifted, the import ban on smartphones, jeeps, cars, vans and motorcycles with a displacement of more than 150cc will be extended until December, Watson & Band Import and Export Data Watch reported.