Tayo Onilogbo is the chief executive officer of City Cars Mall, one of the top car outlets in Lagos that sells ranges of cars.
Tayo, who started his company two years ago, has been in the car business for over 18 years. The Business Administration graduate from Ibadan Polytechnic was inspired to kick-start his business out of his passion and love for cars.
“Back then in Ibadan, I would buy Nigerian used cars, fix and sell them. Later I got introduced to auctions where I bid for cars and bring them into the country,” he said.
The young entrepreneur said that most of his clients are from the productive class of society. What separates him from other car dealers is that his cars are always clean, the pictures showcasing his cars are top-notch and you can get a good price deal.
Since his business kicked-started, he has been opportune to meet and interact with managing directors of various companies, politicians, and notable people in the society who have inspired him through business ideas.
Every business has its challenges. For him, it is security, as he always has to pay hoodlums to guarantee security for his stores.
“My store is in an open space, so I spend a lot on securing the cars. Normally, the government is meant to help us with this but with what is happening in the country, you cannot wait for the government. All these things are what we do to keep the business going,” Tayo explained.
Speaking on how the pandemic has affected his business, Tayo noted that the acute foreign exchange shortage in the country has remained a major challenge for operators in the car dealer business.
“Business has been slow because it is really hard to get FX to buy new cars. Before, it was easier for us to get cars into the country. Right now, we do the importation in tranches, not like we used to do before,” he said.
Tayo believes that Nigeria’s car industry is the next big thing in Africa if Africa’s most populous country has the right enabling environment for businesses to thrive.
“Nigeria can manufacture cars. We already have the skills because people are available to work but we need stable electricity, once we have that, factories to produce and assemble the cars will be available everywhere.”
He advises young and upcoming entrepreneurs not to take on too much at a time. “Before going into any business, try to learn and understand it. It is always a gradual process, also don’t diversify too early and stick to one thing,” he said.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
