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TRADE X Opens New Office in Lagos, Nigeria to Accommodate Growing Automotive Demand in Africa’s Largest Economy | News

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TRADE X Opens New Office in Lagos, Nigeria to Accommodate Growing Automotive Demand in Africa’s Largest Economy | News

The TRADE X international automotive trading system and new Lagos facility will hook up automotive sellers in the West African country with suppliers in North The usa, Europe, and Asia.

TORONTO, Could 26, 2022 /PRNewswire/ — TRADE X, a B2B cross-border automotive trading platform primarily based in Ontario, Canada, nowadays introduced that it has opened a new office in Lagos, Nigeria, to enable meet the growing need for vehicles in Nigeria, now the most significant financial system in Africa. Maybe you like Unimat Traffic.

TRADE X Nigeria will make car paying for and importation less difficult for Nigerian automotive dealers getting automobiles from suppliers in North The united states, Europe, and Asia by furnishing African dealers a broader assortment of vehicle accessibility that would have if not been challenging to get.

Damilola Thompson, the Rising Current market Direct for TRADE X, will oversee the new Lagos area, which will open a critical automotive trade corridor in between North America, Europe, and Asia to Nigeria, where vehicle desire far outweighs provide. As a generally center-earnings, mixed economy and emerging market, Nigeria has professional quick expansion, with anticipations that the nation will double its population by 2050. The explosive population progress, put together with the upwardly trending countrywide financial state, puts neighborhood automobile demand at unparalleled highs. The opening of TRADE X Nigeria is an critical milestone in TRADE X’s mission to make cross-border automotive investing trustworthy, seamless and transparent globally.

“We truly feel that it is really important to have an on-the-floor existence in key marketplaces, to construct relationships and establish belief with regional dealers and fleet proprietors these types of as in Nigeria,” Thompson reported. “Our intention is to generate a dependable, borderless marketplace exactly where customers and sellers have accessibility to the most significant provide of stock to ensure they are having the best probable deal. The TRADE X crew in Lagos is poised to revolutionize the way new and pre-owned autos are imported and traded in Nigeria.”

To start out the process of cross-border trading, regional automotive sellers can signal up on the web on the web-site and can start out setting up larger stock for their prospects.

“TRADE X Nigeria will be a recreation-changer for Nigerian automotive buyers and buyers,” claimed Olufemi Folarin, VP of Trade and Business Growth at TRADE X. “With the opening of our Lagos office, we are demonstrating our deep dedication to supporting and serving the Nigerian marketplace and supporting to speed up vehicle turnover and earnings. We stimulate sellers and other prospective buyers to use the streamlined characteristics the TRADE X system offers rather of possessing to deal with the paperwork of the port and customs them selves. Not only is the process of acquiring automobiles a lot quicker but sourcing distinct stock can also be done by way of the platform’s proprietary Fast Ask for element, all while eliminating the threat sellers were formerly uncovered to when trading cross-border by way of manual implies.”

Inadequate transparency around logistics, car or truck ailment, valuation, and pricing has served as a barrier to entry in international automotive investing. In current yrs, Nigerian dealers who have managed to get vehicles from international sources have experienced to do so in a largely fragmented way, relying on individual contacts and controlling the acquire and importation logistics by themselves. Transactions have been characterized by a absence of trust, visibility, and purchaser/vendor safety, which, in convert, confined trade.

“We are dedicated to building cross-border automotive trading inclusive, reliable, and seamless,” said TRADE X Govt Vice President and Main Functioning Officer Luciano Butera. “With the addition of the Lagos business, we are serving to to forge prolonged-term partnerships that will be a gain not only to prospective buyers and sellers but to the broader Nigerian populace.”

TRADE X supplies a seamless conclusion-to-finish course of action for the sourcing and distribution of cross-border vehicle inventory. The company’s AI-pushed ‘Brain’ computer software supplies sellers, fleet entrepreneurs, and mobility options suppliers 1st-at any time guidance in all aspects of auto trading. This consists of trade funding, compliance, customs necessities, global payments processing, car or truck inspections, digital trade documentation, and homologation. TRADE X gives peace of head and safety for all customers, regardless of whether they are trading inside of their own continent or abroad. TRADE X simplifies the encounter and makes sure every transaction is transparent, compliant, insured, and monitored from begin to complete.


With headquarters in Ontario, Canada, TRADE X is the initial worldwide vehicle market to combination cross-border provide and demand for motor vehicle sellers, fleet homeowners, rental corporations, mobility resolution vendors, importers, and exporters, opening new trading corridors to acquire and market vehicles. The TRADE X ‘Brain’ system is a device-discovering, AI-driven engineering that connects customers and sellers by way of a clear market that aids sellers in getting the world’s optimum bidders and offers potential buyers accessibility to the most effective car or truck resource marketplaces and price tag arbitrage options. Customers can rapidly and seamlessly transact on line in a secure ecosystem with all the complexities of global trade – compliance, anti-money laundering polices, auto inspection, forex trade, digital trade documentation, payments, and financing – all managed by TRADE X. The business serves authorized potential buyers and sellers almost everywhere with a consumer-helpful application readily available 24/7 via mobile, pill, or desktop. TRADE X’s premier buyers involve Aimia Inc., a publicly traded holding corporation mentioned on the Toronto Inventory Trade (TSX: Goal). To find out far more, please check out

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Source TRADE X