According to the National Bureau of Statistics (NBS) Commodity Price Indices and Terms of Trade Data, Nigeria’s used vehicles import bill plummeted by 83% to N138.62 billion in the first half of 2024 compared to N819.15 billion in the same period in 2023.
In Q2 2024, the imported used vehicles were valued at N138.62 billion, marking an 81.5% decrease compared to N749.92 billion in Q2 2023 on a year-on-year basis.
Data also revealed that a significant portion of the used vehicles were imported from the United States of America.
“On the other hand, total imports from America in Q2 2024 stood at N971.84 billion,” the NBS stated.
NBS added, “The All Products Terms of Trade (TOT) Index on average decreased by 0.06 percentage points”.
The importation of second-hand (Tokunbo) vehicles is steadily declining despite the Nigeria Customs Service suspending a 25% penalty on unlawfully imported cars in March 2024.
Over the past few months, the cost of importing goods into Nigeria has surged due to the foreign exchange crisis, which resulted in the devaluation of the Naira.
Last Friday, the exchange rate between the Naira and the dollar was at N1540.78, compared to N460 in June last year.