The alarming surge in kidnapping incidents across Nigeria has triggered an unprecedented demand for bulletproof vehicles, with wealthy individuals and VIPs increasingly seeking armoured protection amidst heightened security concerns.
As armed criminal groups extend their reach into major cities, conducting abductions and issuing exorbitant ransom demands, the country’s elite is responding by fortifying their security with customised armoured vehicles.
This has led to a notable upswing in sales of bulletproof Sport Utility Vehicles (SUVs) designed to shield individuals and their families from the growing threat.
Reports from armoured vehicle dealers confirm the soaring demand, directly correlating it with the worsening kidnapping epidemic. The affluent class now prioritises personal safety, resulting in an unprecedented market boom for these specialised vehicles.
Sales managers from industry-leading companies, including Mr Haresh Jethmalanito of Inkas Armoured Vehicle Manufacturing Nigeria and Mark Burton, President of Armor Max Vehicles, acknowledge the substantial surge in demand.
Despite this, they express concerns about the challenges posed by elevated customs duties and volatile foreign exchange rates, contributing to increased prices.
“The demand for armoured vehicles has increased by multiple folds. The prices have also gone up because of the demand. Also, customs duties and foreign exchange rates have been major issues for us,” Jethmalanito told Punch.
Burton highlighted the heightened demand and the financial strain on clients, who typically invest between $35,000 and $90,000 in the armouring and the vehicle itself. The escalating costs are predominantly attributed to challenges associated with the naira-to-dollar exchange rate.
