As economic hardship bites harder, importation of used vehicles has recorded a significant decline with diesel or semi-diesel engine, of cylinder capacity 2500cc dropping by 65.8 percent year-on-year (YoY) to N354.8 billion in 2024 from N1.04 trillion in 2023.

However, the decline also reflects the effect of continuous increase in import duty, levies and taxes on that category of imports.

Breakdown of data from the National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics for the review period showed that no bills were recorded on used vehicles imports in the first quarter of 2024 (Q1’24).

But second quarter (Q2’24) 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.

In February 2025, the Nigerian Custom Service (NCS) said it intends to grant waivers to vehicle owners to pay duties within a specific time frame to avoid sanctions.

Recently, the Federal Government announced a 90-day window to regularise import duties on specific categories of vehicles.

The National Public Relations Officer of the Nigeria Customs Service, Abdullahi Maiwada, said the development was a proactive move to enhance compliance and streamline import processes.

“In a proactive move to enhance compliance and streamline import processes, the NCS, under the directive of the Honourable Minister of Finance and Coordinating Minister of the Economy, is pleased to announce a 90-day window for regularising import duties on specific categories of vehicles.

“Valuation and assessment of the vehicles would be carried out using the Vehicles Identification Number valuation method. Import duty and a 25 per cent penalty shall be paid in tandem with the import guidelines, procedures, and documentation requirements for used vehicles under the Destination Inspection Scheme in Nigeria (2013) and the NCS Act 2023. Also, duty payments must be made using the procedure code specifically created for this exercise.” Maiwada said.

donself9:
naija used

mrvitalis:
Nigerians are getting poorer and poorer by the day

FireUpNow:


Don't ever buy a Naija used car

FireUpNow:


Don't ever buy a Naija used car

JuanDeDios:
It's not a small thing. Is it not someone that ate that will go and buy car?

femmysin:
Former Minister of Petroleum and Energy, Prof. Tam David-West, in a telephone conversation with Vanguard said Buhari will reduce the current fuel price which is N87 to about N40 per litre when he becomes president.

“I want to assure you that by the time he takes over, petrol will be dispensed at N40 per litre. This is possible and he has the credibility to make it work. The major assignment of the president-elect when he's eventually inaugurated is to restore confidence to the industry. As military head of state, he dealt with the Federal Executive Council with the tenets of democracy. Buhari will build new refineries to make petroleum products available for the masses. No responsible government will allow the masses to suffer.

He will strengthen the refineries within a year. It is possible as we won’t spend any amount in setting up a green field refinery. We already have a blueprint as we shall use what we have to get what we want." He said

anonimi:


If it is true that vehicle imports crashed by 65%, while fuel imports have increased with subsidies still being paid and three refineries operational, then why has T-Pain failed to do what Buhari was supposed to do-crash the price of petrol- which he also promised?

Should we do a roll call of blind BATolomeus and APC supporters on nairaland to explain this phenomenon?

helinues:
Toh

galserv:

donself9:
naija used to the rescue, i cant just believe camry muscle toks we bought 2.3m 2012 is almost 10m now

i thought car was a liability, after 13yrs used you can sell your camry 09 for 5m, 6m

nigeria smh

treesun:


https://www.vanguardngr.com/2025/03/import-bills-on-used-vehicles-fall-65-to-n354-8bn/

ACRI:
Nobody currently understands the economic model of the APC, it is structured to engender wide spread poverty and hunger...it won't reach us in Jesus name

Imports should not be controlled by exorbitant dues where there is no corresponding indigenous industries that can supply local demand... I don't know why this is difficult to understand for that political party