Import bill on used vehicles (Tokunbo) in Nigeria drops by 83% – NBS
The bills on imported used vehicles (Tokunbo) in Nigeria dropped by 83 percent to N138.62 billion in the first half of 2024 compared to N819.15 billion during the same period in 2023.
This data comes from the National Bureau of Statistics, NBS, Commodity Price Indices and Terms of Trade Data.
In Q2 2024, the value of imported used vehicles stood at N138.62 billion, representing an 81.5 percent decline on a year-on-year basis from N749.92 billion in Q2 2023. It was found that the used vehicles were mainly imported from the United States of America.
The NBS stated that total imports from America in Q2 2024 stood at N971.84 billion. Additionally, the All Products Terms of Trade (TOT) Index on average decreased by 0.06 percentage points.
This drop in the importation of used cars is occurring despite the suspension of a 25 percent penalty on illegally imported vehicles by the Nigeria Customs Service in March 2024.
The cost of imports into Nigeria has been increasing due to the foreign exchange crisis, leading to a drop in the value of the Naira. The exchange rate between the Naira and the dollar stood at N1540.78 last Friday, down from N460 in June last year. …Continue Reading
