Nigeria witnessed a remarkable increase in used vehicle imports, reaching N1.063 trillion in 2023, a significant surge from N325.05 billion in 2022, according to the National Bureau of Statistics (NBS).
Body: The NBS’s comprehensive trade data for 2023 revealed a staggering 226.46% rise in used vehicle imports, indicating a substantial growth of N736 billion between 2022 and 2023.
In the first quarter of 2023, used vehicle imports totaled N72.32 billion, experiencing a slight dip from the previous year to N69.48 billion. However, the second quarter witnessed a notable increase in vehicle imports, soaring from N96.76 billion in 2022 to an impressive N733.91 billion in 2023.
Despite the surge, the third quarter saw a decline to N138.50 billion compared to N90.77 billion in the corresponding quarter of 2022.
The data underscores the evolving dynamics of Nigeria’s automotive industry and its impact on the nation’s economy, reflecting shifts in consumer demand and trade patterns.
