Nigeria has witnessed a sharp decline in the importation of used vehicles, particularly diesel or semi-diesel engines with a cylinder capacity of 2500cc, as figures dropped by 65.8 percent year-on-year.
According to the National Bureau of Statistics (NBS), the value of these imports plummeted to N354.8 billion in 2024, down from N1.04 trillion in 2023.
An analysis of the NBS Foreign Trade in Goods Statistics reveals that no import bills were recorded for used vehicles in the first quarter of 2024. However, the second quarter saw a surge to N110.54 billion.
This value continued to grow by 11.9 percent quarter-on-quarter, reaching N123.77 billion in the third quarter, before slightly declining by 2.6 percent to N120.49 billion in the fourth quarter.
Industry experts attribute the dramatic drop to the ongoing economic challenges faced by the country, which have significantly impacted purchasing power and import activities.
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