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Rising Clearing Charges : Vehicle Importation Into Nigeria Betw Jan-Oct 2022 Drop By 40%
The importation of vehicles into the country through ports dropped by 40 percent in first ten months of 2022.
A total of 114,159 vehicles were imported into the country through PTML between January and October 2022.
This is a 40 per cent drop from the total of 192,287 units that came into Nigeria in the first 10 months of 2021.
Document showed that 122 vessels berthed betw. Jan and Oct 2022, as against 167 vessels in the first 10 months of 2021.
Decline likely connected to increase in clearing charges, following the introduction of VIN Valuation early this year.
A total of 114,159 vehicles were imported into the country through Ports & Terminal Multiservices Limited (PTML) between January and October 2022, which is 40 per cent drop from the total of 192,287 units that came into Nigeria in the first 10 months of 2021.
The decline in the importation of vehicles into the country might be connected to the increase in clearing charges, following the introduction of the Vehicle Identification Number (VIN) early this year for proper valuation of imported vehicles.
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Document obtained exclusively by Punch from the Customs Public Relations Officer in charge of the PTML terminal, Muhammad Yakubu, showed that 122 vessels berthed at the ports between January and October 2022. This is against the 167 vessels recorded in the first 10 months of 2021.
The PTML Terminal is responsible for the importation of most vehicles coming into Nigeria. With an area of over 350,000 sqm and an annual traffic throughput of over 100,000 containers, 150,000 vehicles and 200,000 tons of general cargo, PTML Terminal is the largest Ro/Ro Terminal in West Africa.
VIN Valuation
Importers and agents had challenged the Nigeria Customs Service (NCS) over the implementation of the Vehicle Identification Number (VIN) Valuation policy. They argued that the scheme had not only reduced the importation of vehicles into the country but also increased the cost of clearing vehicles.
But the Federal Government, through the Minister of Finance, Budget and National Planning, Zainab Ahmed, stated that the VIN which is under the National Vehicle Registry (VREG) was to increase revenue, curb smuggling and other criminal activities.
