News
Nigeria Imported N824bn Worth Of Used Cars From 2nd Quarter Of 2020 To 1st Quarter Of 2021
N824.58 billion worth of used cars were imported into Nigeria from second quarter of 2020 to first quarter of 2021.
Used vehicles valued at N198.4 billion was imported into the country in the second quarter of 2020.
Tokunbo vehicles worth N210.05 billion came in in the third quarter of 2020.
The data shows used cars worth N241.91 billion find their way into the country in Q4 2020.
Car dealers imported used vehicles worth N174.22 billion in the first quarter of 2021.
More of these cars are expected in the country as countries like US, Canada and UK seek to ban petrol/diesel cars.
The National Bureau of Statistics (NBS) has revealed that used cars valued at N824.58 billion were imported into the country in one year from second quarter of 2020 to first quarter of 2021.
According to NBS data, used vehicles valued at N198.4 billion was imported into the country in the second quarter of 2020 while Tokunbo worth N210.05 billion came in in the third quarter of 2020.
The data also revealed that used cars worth N241.91 billion find their way into the country in the fourth quarter of 2020 while car dealers imported used vehicles worth N174.22 billion in the first quarter of 2021.
According to reports, majority of these used vehicles imported during this time frame were shipped from the United States, Italy, Canada, Belgium and Germany. These countries, which have the goals to reduce green gas emission, have all set new targets to ban the sales of new petrol and diesel powered vehicles.
The latest data confirms Nigeria as one of the biggest market for used cars on the planet. Analysts believes that African countries, especially Nigeria, will see more of these internal combustion engine-powered cars shipped into the continent as it remains the only one that has refused to embrace all-electric cars.
Every year, fairly used cars are shipped from Asia and Europe into Nigeria, as owners keeps ditching their cars for a new one. But some of these cars are accompanied by accidented cars and those that had failed safety test.
While the UK plans to ban the sale of new petrol and diesel cars and vans from 2030, the Canadian province of Quebec has set 2035 to ban the sale of new gasoline-powered passenger cars.
Some countries have even introduced a new tax law to discourage motorists from driving older diesel vehicles as well as SUVs, which are known for emitting higher amounts of pollutants.
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