Rising inflation puts new, ‘Tokunbo’ cars out of reach

Rising inflation in Africa’s biggest economy is putting the prices of new and used imported vehicles, popularly known as ‘Tokunbo’ cars, out of reach for millions of Nigerians, especially low-income earners.

Accelerating inflation and dwindling household incomes are eroding consumers’ purchasing power. Nigeria’s inflation, at 22.04 percent in March, far outpaced wage growth, according to data from the National Bureau of Statistics.

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