The Managing Director of Toyota Nigeria Limited (TNL), Kunle Ade-Ojo, has said high inflation and foreign exchange issues have made cars more expensive and less accessible to the middle class.
Yet, he reaffirmed the company’s commanding presence in the Nigerian automobile industry and announced new measures to stay at the top.
However, he said the flagship models Toyota Hilux and Hiace—remained the top sellers.
He said that Toyota Nigeria currently controls 27 per cent of the market share for new car sales in the country.
Ade-Ojo disclosed this on Wednesday while hosting members of the motoring press at the ongoing Toyota Motor Show organised by the TNL at the Podium in Lagos.
According to him, Toyota Nigeria’s performance in 2024 surpassed expectations despite Nigeria’s economic challenges, with the brand recording an impressive 43 per cent increase in vehicle sales compared to 2023.
“Despite a volatile economy, marked by inflation and significant naira depreciation, we sold more cars in 2024 than we did in the previous year. This demonstrates the strong customer confidence in our brand,” Ade-Ojo stated.
He noted that most of the company’s sales in 2024 came from corporate organisations and government institutions, as rising vehicle costs have pushed many private buyers out of the market.
On local manufacturing, Ade-Ojo disclosed that work was progressing steadily at Toyota’s assembly plant. According to him, two production lines—one for passenger cars and the other for commercial vehicles—are already in place, though some equipment-related delays are slowing down operations.
The Toyota boss emphasised the company’s commitment to after-sales service, calling it the “strongest arm” of the business.
“At TNL, we don’t just sell vehicles. We ensure that they perform optimally long after the purchase. We have a dedicated team of professionals and offer flexible payment systems that make it convenient for our customers to maintain their vehicles.
“Toyota’s success in Nigeria is built on two pillars—durability and after-sales service. While other brands come and go, Toyota has created a value chain that’s difficult to match,” he stated.
In alignment with Nigeria’s shift towards cleaner energy, Ade-Ojo noted that Toyota Nigeria had partnered with certified government agencies, including Ibile Holdings, to facilitate the conversion of Toyota vehicles to run on Compressed Natural Gas (CNG).
“Most manufacturers don’t produce factory-fitted CNG vehicles for this market. So conversion is done locally with oversight from registered centres. We believe in collaboration—sharing parts of the process makes for a seamless customer experience,” he explained.
He also revealed that Toyota Nigeria will roll out several new models later this year, including the SUV version of the Starlet Cross and hybrid variants such as the Mini Land Cruiser.
“These additions are part of the company’s strategy to cater to Nigeria’s growing appetite for versatile and fuel-efficient vehicles,” he said.
In a further show of confidence in the market, Ade-Ojo announced that Toyota Nigeria is set to open a new mega dealership in Lekki before year-end, expanding the brand’s customer support footprint.
“The new facility will bring our total number of dealerships closer to fully meeting demand and ensuring customers have better access to sales and service,” he said.
“Toyota is showing how a global brand can localize its strategy without compromising quality. From assembly to CNG partnerships and robust after-sales, we’re setting the benchmark,” Ade-Ojo added.
He said the solo Toyota Motor Show held last year substantially pushed up their sales figures.
This year’s event, which commenced on May 27 will end on June 1, except Friday, with special discounts on new vehicles on display, genuine spare parts, Toyota genuine motor oil, body and paint, vehicle diagnosis and test drive, among others.
