Nigeria spent N1.05 trillion ($675.48 million) on used vehicle imports in 2024, with the U.S. supplying 83% of shipments.
Nigeria’s used vehicle imports surged to N1.05 trillion ($675.48million)in 2024,with the United States accounting for 80 percent, while spare parts made up $122.62 million (18.15%). However, a sharp decline has been recorded in early 2025, with only 4,818 units imported in the first quarter—less than half of previous volumes—due to rising costs and restrictive tariffs.
The Nigerian Ports Authority (NPA) reported 2,250 used vehicles arriving in March 2025, with major shipments handled at PTML Terminal in Tin Can Island. Despite this, industry analysts attribute the drop to excessive levies, including a 35% tariff, 15% NAC levy, and 1% CISS fee, pushing total duties to 70%. Additionally, a policy limiting rebates for vehicles older than 10 years—despite legal allowance for 12-year-old imports—has further discouraged buyers.
The weakening naira and high exchange rates have compounded the crisis, making imported vehicles unaffordable for most Nigerians who rely on them for personal and commercial transport. PTML’s General Manager, Tunde Keshinro, previously warned that the steep landing costs are unsustainable, signaling a prolonged downturn in the sector unless policies are revised to ease financial burdens on importers.
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