Import bills on used vehicles fall 65% to N354.8bn amid increase in import duty 

Amid the hike in import duty by Nigeria Customs Service (NCS), even as the economy continues to struggle, importation of used vehicles has recorded significant drop with diesel or semi-diesel engine, of cylinder capacity 2500c, dropping by 65.8 percent year-on-year to N354.8 billion in 2024 from N1.04 trillion in 2023.

Data from the National Bureau of Statistics (NBS) on Foreign Trade in Goods Statistics for the period showed that no bills were recorded on used vehicles imports in the first quarter of 2024

The second quarter, however, recorded N110.54 billion, and the value grew by 11.9 percent QoQ to N123.77 billion in Q3’24 before declining 2.6 percent QoQ to N120.49 billion in Q4’24.

Recall that in July last year the Ports and Terminal Multipurpose Limited blamed high import duty and taxes on used vehicles for the 60 per cent drop in vehicle importation it experienced in the first half of 2024, H1’24.