Value Of Used Vehicles Imported Into Nigeria Between January-June 2024 Dropped By 83%

Value of used vehicles (Tokunbo) imported into Nigeria between January-June 2024 dropped by 83%, according to NBS.

NBS data shows that no used vehicles was imported in Q1 2024, compared to N69.23 billion imported in Q1 2023.

The value of used vehicles stood at N138.62 billion in Q2 2024, which is an 81.5 percent decline from N749.92 billion in Q2 2023.

Drop in the importation of used cars can be attributed to the move by several licensed customs agents to import accidented vehicles.

The value of used vehicles (Tokunbo) imported into Nigeria stood at N138.62 billion in H1 2024 (January-June), which represents an 83 percent decline from the N819.15 billion in H1 2023, according to the National Bureau of Statistics (NBS) Commodity Price Indices and Terms of Trade Data.

According to NBS, no used vehicle was imported in Q1 2024, compared to N69.23 billion worth of used vehicles imported in Q1 2023, while the value of used vehicles stood at N138.62 billion in Q2 2024, which is an 81.5 percent decline from N749.92 billion in Q2 2023.

NBS noted that the used vehicles were imported mainly from the United States of America, stating: “On the other hand, total imports from America in Q2’24 stood at N971.84 billion.

NBS data indicated that the used vehicles were imported mainly from the United States of America : “On the other hand, total imports from America in Q2 2024 stood at N971.84 billion,” the NBS stated.

The drop in the importation of used cars into Nigeria can be attributed to the move by several licensed customs agents to import accidented (or damaged) vehicles, blaming the development on the foreign exchange crisis.

Earlier this year, the Nigeria Customs Service (NCS) also lamented the abandonment of thousands of imported fairly used vehicles (Tokunbo) at the Seaport by importers due to rise in foreign exchange rates for cargo clearance.

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