Nord Rolls Out Single-Digit Car Loans to Shift Nigerians from Tokunbo into Brand-New Vehicles

Nord Automobiles is targeting a major shift in Nigeria’s auto market with the rollout of a single-digit interest vehicle financing scheme, offering loans from as low as nine per cent to make brand-new cars more accessible to individuals and businesses.

The indigenous automaker said the initiative was designed to unlock demand for new vehicles and reduce the dominance of imported used cars, popularly known as Tokunbo.

The indigenous automaker unveiled the initiative, tagged Nord Finance, in Lagos on Tuesday, saying the plan would make vehicle ownership easier for individuals and businesses through flexible repayment options.

Chairman and Chief Executive Officer of Nord Automobiles, Mr Oluwatobi Ajayi, said the company was determined to change the long-standing culture of relying on used vehicles, which he described as costly to maintain, unreliable, and often unsafe.

“Our goal is to make more Nigerians drive brand-new vehicles,” Ajayi said.

“For too long, Nigerians have been used to Tokunbo cars. While tokunbo cars have played a role in improving access to mobility, there are growing concerns around their long term reliability, safety standards, and overall cost of ownership.

As we look to the future, it is important to gradually transition towards more structured, reliable, and locally supported vehicle solutions that can better serve Nigerians and strengthen our economy.”

He said the financing package offers interest rates starting from 9%, and repayment tenures of up to 48 months.

According to him, the arrangement allows buyers to spread the cost of a new vehicle over several years rather than paying huge lump sums upfront.

“This means that instead of looking for N10m or N15m at once to buy a vehicle, you can pay a smaller amount monthly and drive a reliable brand-new car,” he said.

“You do not have to worry about frequent breakdowns or visiting mechanics regularly, like many Tokunbo owners do.”

Ajayi explained that the scheme is being executed through Nord Finance Limited, a subsidiary of Nord Automobiles, in partnership with a commercial bank.

He noted that prospective buyers can access financing for any of Nord’s 11 passenger and commercial vehicle models, as well as four models under its electric vehicle brand, Tavet.

Nigeria remains one of Africa’s largest automobile markets, with annual demand estimated at about 500,000 vehicles. However, only a small percentage of that figure represents brand-new purchases, while the majority are imported used vehicles.

Ajayi said the company hoped the financing package would help convert a portion of the used-car market into demand for new, locally assembled vehicles.

“Nigeria is a very big market of over 200 million people, with demand for about 500,000 vehicles yearly. Unfortunately, only around 14,000 to 20,000 of those are brand-new vehicles, depending on the data source,” he said.

“We believe that with Nord Finance, even if we move just five per cent of the Tokunbo market into the new-car segment, it will be a major shift.”

He also said Nord vehicles are specifically designed to meet Nigerian driving conditions, unlike many imported models originally built for foreign markets.

The Nord CEO said, “We have seen that many vehicles brought into Nigeria were not designed for our roads, our fuel quality, or our weather.

“Our vehicles are robust; they have high ground clearance, cooling systems that can withstand Nigeria’s heat, and engines tuned to perform well with the fuel available here.”

Ajayi said Nord has the production capacity to meet rising demand, adding that the company assembles its vehicles in Epe and at the University of Lagos.

“When you buy a Nord, you are buying a vehicle built for you. It is durable, dependable, and gives peace of mind,” he added.

Founded in 2018, Nord Automobiles focuses on designing, assembling, and distributing locally made vehicles from its Lagos base, with a growing portfolio that includes passenger, commercial and electric models.

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Jetour Nigeria has consolidated its position as the exclusive representative of the Jetour brand in the country following its 2022 appointment by Jetour International.

The company said the move to clarify its exclusive status came after its successful hosting of the “Jetour Experience” in Lagos, where it unveiled its nationwide dealership structure and addressed lingering market ambiguity over distribution rights.

Since securing the mandate in 2022, Jetour Nigeria has led the importation, distribution, and provision of manufacturer-backed after-sales services for the brand’s full vehicle range in the country.

Its growing influence recently earned global recognition at the 2026 Jetour Global Conference, where the firm received the “Market Share Leadership Award 2025,” underscoring its dominance in the African market.

To strengthen nationwide service delivery, the company operates through a network of seven authorised dealers — Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.

These partners, according to the company, are the only entities authorised to sell and service Jetour vehicles in Nigeria.

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At the four-day exhibition held at the Podium Events Centre, the dealers provided product information and customer engagement services, reinforcing what the company described as a unified and regulated distribution ecosystem.

“The ‘Jetour Experience’ was more than a celebration; it was a statement of clarity,” noted a representative of Jetour Nigeria. “By bringing our seven authorized dealers together under one roof, we have shown the public exactly where the Jetour brand lives.

“Since our 2022 appointment, we have invested heavily in a structure that guarantees customers genuine parts, expert technicians, and valid warranties—benefits, only available through our official channels.”

The company also received a boost from the visit of Anguo Yuan, Vice President of Jetour International, who commended the Nigerian team for its rapid expansion and infrastructure investment.

Industry recognition has followed the brand’s growth, with awards including the Nigeria Auto Journalists Association’s New Entrant of the Year, Fastest Growing Auto Brand, and Car of the Year for the Jetour Dashing.

Jetour Nigeria said its current lineup — including the rugged T2, plug-in hybrid models, and the flagship G700 — reflects its commitment to innovation and market leadership.

It advised customers to engage only its authorised dealer network to guarantee access to genuine parts, certified service, and full manufacturer warranty coverage.

Jetour Nigeria consolidates as sole authorised distributor, gets global market award

Soueast Enters Nigeria with Robust SUV Portfolio, Sets Sights on Q3 Local Assembly

Nigeria’s automotive landscape witnessed a significant shift on Wednesday as Soueast formally entered the Nigerian market, courtesy of the Kewalram Chanrai Group. The entry was marked by a media launch followed by a test drive of its full range of SUVs along the scenic Coastal Highway in Lagos, signalling a fresh wave of competition in the fast-evolving mobility space.

The high-profile event brought together dealerships, media, and auto enthusiasts, offering first-hand experience of the brand’s capabilities in real driving conditions.

Speaking at the launch, Chief Operating Officer, Mobility Division of Kewalram Chanrai Group, Mr. Anil Sahgal, described the move as a strategic response to changing consumer expectations in Nigeria.

“For over 165 years, Kewalram Chanrai Group’s reputation has been built on trust delivered through consistency,” he said. “Our decision to bring Soueast into Nigeria is deliberate. Today’s Nigerian customer is more informed and focused on long-term value. There is a growing demand for vehicles that combine modern design, safety, technology, durability, and affordability — and Soueast fits precisely into this space.”

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The COO emphasized that the company is not merely introducing a new brand but backing it with robust infrastructure, including a structured dealership network, strong after-sales systems, skilled technical teams, and a long-term investment approach.

He noted that the SUVs unveiled had been engineered with Nigerian realities in mind, addressing road conditions, fuel efficiency concerns, durability needs, and total cost of ownership.

“This is not just a product launch; it is the beginning of a long-term commitment to a market that demands resilience, value, and consistency,” he added. “Our vehicles are built on three pillars — product integrity, adaptability, and value sustainability.”

Sahgal also disclosed plans to commence local assembly of the vehicles by the third quarter of 2026, underscoring the group’s long-term commitment to the Nigerian market.

The highlight of the event was the test drive session along the Coastal Road, where participants assessed the performance, comfort, and handling of the Soueast range under real traffic and road conditions — a move widely seen as a confidence-building step by the company.

Soueast Enters Nigeria with Robust SUV Portfolio, Sets Sights on Q3 Local Assembly