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Tokunbo Vehicle is the local name ascribed to used vehicles imported from Europe in Nigeria.[1] In Nigeria, the Tokunbo market signifies the place where different kinds of used items such as electronics, cars, and domestic goods are sold. [2] These products are popular among the lower-middle class who cannot afford new cars often called Tear Rubber[3][4]

Contents

BackgroundEdit

The Tokunbo market represents one of the few ways to determine the strength or soundness of an economy, because it creates a dumping ground of used and hazardous products from developed nations to the developing ones. Therefore, a nation with such an engagement could be showing effect of economic deficiency.[5][6] These products are imported through our sea port and land border (Cotonou e.g. Tin can Island in Apapa).[7] According to the expert in the market, model which is the year of manufacture of the product is determined by the life span of such product.

Negative impact of engaging in Tokunbo MarketEdit

  • Most times these products appear not to be cost effective, because it is a resultant effect of a product that have been used for several years before being sold to the second buyer. Due to the geographical changes on the product destination, they are prone to incessant fault.[8]
  • The involvement in this investment by a nation will not permit the indigenous companies manufacturing vehicles to thrive. Thereby, shrinking the gross domestic product by discouraging local investors in the industry.[9]
  • The need to invest in spiritual engagement to avert the negative implication of the original owner i.e. stolen vehicle [10]
  • It turns a country to a dumping ground for toxic items which were recycled in the country of import. This might later lead to health hazard in the nearest future.[11]

Positive impact of engaging in Tokunbo MarketEdit

ReferencesEdit

  1. ^ africa business. "tokunbo cars". Retrieved 15 October 2015.
  2. ^ a literary magazine. "the transnational". sarah katharina. Retrieved 15 October 2015.
  3. ^ orimolade akindele. "close shaves". the diary of a journalist. Retrieved 15 October 2015.
  4. ^ google books. "west africa". Retrieved 15 November 2015.
  5. ^ Tony kingpresent. "your life of 2000 years on earth". Retrieved 15 October 2015.
  6. ^ ifeoha azikwe. "Nigeria echo of a century". volume two 1999-2014. Retrieved 15 November 2015.
  7. ^ google book. "business and maritime". Retrieved 15 November 2015.
  8. ^ "the entrepreneur magazine". Gabriel edigheji. Retrieved 15 November 2015.
  9. ^ ogba ina obasi. "financial independence". Retrieved 15 November 2015.
  10. ^ dr.olukoya. "when your foundation needs healing". google book. Retrieved 15 November 2015.
  11. ^ "African concord". google book. Retrieved 15 November 2015.