Hello Venturer,Thank God it's Friday, another beautiful weekend to relax and read our stories.😉 I mean, how else would you be spending the weekend? Well, whatever you decide to do, VA Weekly is a certified weekend buddy.😁Okay, okay, on to the gist of the day. If you are a Nigerian living in Nigeria, chances are you know a tokunbo car (used car) dealer, you've seen a "car for sale” sign today, or someone on your social media has posted a car with "flash sale", "pre-order" or "refer and earn" caption this week. Yes, it seems everyone is a used car dealer now. No surprises there as the industry is booming. Nigeria spent N140 billion importing used vehicles in the first quarter of 2021, and about 250 cars have been imported into the country every day for the last five years.In business, there's often a boom and burst cycle. However, in the Tokunbo car industry, it's a boom and boom cycle. What gives? Find out in today's issue of VA Weekly.Adekunle AgbetiloyeStaff Writer, Ventures Africa.
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Boom and burst? Heck no!🤑
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Hello Venturer,Thank God it's Friday, another beautiful weekend to relax and read our stories.😉 I mean, how else would you be spending the weekend? Well, whatever you decide to do, VA Weekly is a certified weekend buddy.😁Okay, okay, on to the gist of the day. If you are a Nigerian living in Nigeria, chances are you know a tokunbo car (used car) dealer, you've seen a "car for sale” sign today, or someone on your social media has posted a car with "flash sale", "pre-order" or "refer and earn" caption this week. Yes, it seems everyone is a used car dealer now. No surprises there as the industry is booming. Nigeria spent N140 billion importing used vehicles in the first quarter of 2021, and about 250 cars have been imported into the country every day for the last five years.In business, there's often a boom and burst cycle. However, in the Tokunbo car industry, it's a boom and boom cycle. What gives? Find out in today's issue of VA Weekly.Adekunle AgbetiloyeStaff Writer, Ventures Africa.