The Certified Institute of Auctioneers, Nigeria has urged its members to capitalise on emerging opportunities within the automobile sector as speculation mounts regarding government asset sales to support the 2024 budget.
This was stated during the 11th Annual National Conference of CIAN in Lagos, with the theme “Opportunities for Auctioneers in the Nigeria Economy”.
The Chief Executive Officer of United Auction House Limited, Dr Jogun Onabanjo, who is a fellow of the institute, declared that there were prospects available to Nigerian auctioneers in the automobile sector.
Highlighting the growth potential, Onabanjo noted that Nigeria accounted for 75 per cent of the 15.6 million registered vehicles in West Africa, totaling 11.9 million vehicles.
He presented a comprehensive framework for auctioneers to maximise their benefits in the automobile auction arena, emphasising the vast sources of potential auctioned cars from streets, offices, and various governmental institutions.
The Chairman of the Faculty of Auctioneering at the Nigerian Institution of Estate Surveyors and Valuers, Tope Ojo, said the government’s plan to borrow and sell off assets to fund the 2024 budget was an opportunity for auctioneers.
The Federal Government had proposed a budget of N26.01trn for 2024, with N8.25tn earmarked for servicing public debt.
According to analysts, Africa’s biggest economy is likely to seek loans and offload assets to fund the budget amid a shrinking economy.
Speaking at the conference, the Lagos State Commissioner of Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, stressed the need for collaboration between the state and auctioneers to propel the sector forward.
The Registrar of CIAN, Adeleke Hassan, also harped on the need for strategic positioning, enhanced visibility, and a polished image for auctioneers.
He emphasised the role of networking, participation in government engagements, and leveraging media platforms for broader public participation during auctions.
Hassan underscored the importance of transparency in the sale of government assets.
The Host Chapter Chairman of CIAN, Hillary Nwaukor, welcomed attendees to the conference, themed “Opportunities for Auctioneers in the Nigeria Economy.”
He emphasized the event’s value in providing insights, strategies, and trends in the auction industry, urging members to connect and promote best auction practices in Nigeria.