Nigeria Spends N400 billion per Annum on Importation of New, Used Vehicles

The Director General of the National Automotive Council has disclosed that Nigerians spend a whopping N400 billion on importing 280,000 vehicles yearly.

A further analysis shows the majority of the vehicles numbering 200,000 are used whilst the remainder are new vehicles; a statistic that demonstrates the average Nigerian’s penchant for tokunbo (used) vehicles.

Tokunbo cars are less expensive due to the slightly aged nature of the vehicles. And most car buyers prefer them as it is almost impossible for the inexperienced eye to differentiate the slight improvements new vehicles have over the tokunbos.

Statistics released by the Nigerian Ports Authority (NPA) reveal that close to 7,000 vehicles were imported in the month of February alone of which only 700 or 10% were new vehicles.

Records show that a further 8,126 vehicles are expected in March, of which 5,000 are new vehicles. This represents a 614% increase of new vehicle imports over the previous month.

Analysts expect Toyota and Hyundai brands to lead the pack, as these represent the most popular brands in Nigeria.

It will also not be unusual to see a mix of new luxury exotic models such as the Range Rover Evoque.

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