Nigeria’s import bills on used vehicles, with diesel or semi diesel engine, of cylinder capacity less than 2.5 litres rose by 375 percent to N803.4 billion in the first half of 2023 compared to the N169.1 billion spent in the corresponding period of 2022.
Data from the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics showed that import bills on used vehicles increased quarter-on-quarter (QoQ) by 956 percent to N733.9 billion in the second quarter of 2023 from N69.49 billion in the first quarter.
However, the data also showed a 43 per cent year-on-year decline in import bills on motorcycles to N69.85 billion in H1’23 from N122.39 billion in H1’22.
Similarly, import bills on motorcycles fell quarter-on-quarter by 19 percent to N31.3 billion in Q2’23 from N38.6 billion in Q1’23.
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