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

The TRADE X worldwide automotive trading system and new Lagos facility will link automotive sellers in the West African nation with suppliers in North America, Europe, and Asia.

TORONTO, Might 26, 2022 /CNW/ — TRADE X, a B2B cross-border automotive trading system primarily based in Ontario, Canada, nowadays introduced that it has opened a new place of work in Lagos, Nigeria, to aid meet the rising desire for autos in Nigeria, now the greatest economy in Africa.

(PRNewsfoto/TRADE X)

(PRNewsfoto/TRADE X)

TRADE X Nigeria will make motor vehicle obtaining and importation a lot easier for Nigerian automotive dealers paying for autos from suppliers in North The us, Europe, and Asia by delivering African sellers a wider range of auto accessibility that would have in any other case been complicated to get.

Damilola Thompson, the Emerging Marketplace Guide for TRADE X, will oversee the new Lagos locale, which will open a key automotive trade corridor between North The us, Europe, and Asia to Nigeria, the place car or truck desire significantly outweighs source. As a primarily middle-profits, combined economic system and rising industry, Nigeria has knowledgeable rapid progress, with expectations that the state will double its population by 2050. The explosive inhabitants progress, blended with the upwardly trending nationwide financial system, places community vehicle demand from customers at unprecedented highs. The opening of TRADE X Nigeria is an important milestone in TRADE X’s mission to make cross-border automotive buying and selling dependable, seamless and clear globally.

“We sense that it really is vital to have an on-the-ground existence in important markets, to develop interactions and set up believe in with area dealers and fleet house owners these as in Nigeria,” Thompson mentioned. “Our objective is to develop a dependable, borderless market the place prospective buyers and sellers have obtain to the premier supply of stock to ensure they are acquiring the very best feasible deal. The TRADE X team in Lagos is poised to revolutionize the way new and pre-owned cars are imported and traded in Nigeria.”

To start the approach of cross-border buying and selling, neighborhood automotive sellers can indication up on-line on the site and can start off creating increased inventory for their customers.

“TRADE X Nigeria will be a recreation-changer for Nigerian automotive prospective buyers and people,” mentioned Olufemi Folarin, VP of Trade and Business enterprise Growth at TRADE X. “With the opening of our Lagos business, we are demonstrating our deep dedication to supporting and serving the Nigerian marketplace and helping to speed up car or truck turnover and income. We persuade sellers and other consumers to make use of the streamlined options the TRADE X platform presents rather of acquiring to offer with the bureaucracy of the port and customs themselves. Not only is the approach of obtaining vehicles more rapidly but sourcing particular inventory can also be performed by means of the platform’s proprietary Quick Ask for characteristic, all though eradicating the chance dealers had been formerly uncovered to when trading cross-border as a result of manual usually means.”

Very poor transparency all around logistics, automobile affliction, valuation, and pricing has served as a barrier to entry in worldwide automotive trading. In current a long time, Nigerian dealers who have managed to obtain autos from international resources have had to do so in a mainly fragmented way, relying on personal contacts and managing the obtain and importation logistics by themselves. Transactions ended up characterised by a absence of have confidence in, visibility, and purchaser/vendor security, which, in switch, constrained trade.

“We are committed to creating cross-border automotive trading inclusive, trusted, and seamless,” stated TRADE X Executive Vice President and Main Operating Officer Luciano Butera. “With the addition of the Lagos business, we are aiding to forge extended-expression partnerships that will be a profit not only to prospective buyers and sellers but to the broader Nigerian populace.”

TRADE X delivers a seamless finish-to-conclusion method for the sourcing and distribution of cross-border vehicle stock. The company’s AI-pushed ‘Brain’ computer software supplies sellers, fleet proprietors, and mobility answers suppliers initially-ever support in all factors of auto investing. This contains trade funding, compliance, customs specifications, intercontinental payments processing, vehicle inspections, digital trade documentation, and homologation. TRADE X offers peace of mind and safety for all users, irrespective of whether they are trading within their have continent or abroad. TRADE X simplifies the working experience and makes sure every single transaction is transparent, compliant, insured, and monitored from begin to finish.


With headquarters in Ontario, Canada, TRADE X is the very first worldwide car or truck market to aggregate cross-border offer and need for auto dealers, fleet homeowners, rental businesses, mobility alternative companies, importers, and exporters, opening new investing corridors to invest in and market autos. The TRADE X ‘Brain’ platform is a equipment-mastering, AI-driven engineering that connects prospective buyers and sellers as a result of a transparent m
arketplace that aids sellers in getting the world’s optimum bidders and gives customers accessibility to the best vehicle source marketplaces and value arbitrage options. End users can promptly and seamlessly transact on-line in a safe atmosphere with all the complexities of worldwide trade – compliance, anti-revenue laundering restrictions, vehicle inspection, forex exchange, digital trade documentation, payments, and financing – all managed by TRADE X. The enterprise serves approved buyers and sellers just about everywhere with a consumer-welcoming app accessible 24/7 by way of cellular, tablet, or desktop. TRADE X’s largest investors include Aimia Inc., a publicly traded holding enterprise mentioned on the Toronto Stock Trade (TSX: Purpose). To study additional, be sure to check out




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