Recent data from the National Bureau of Statistics (NBS) regarding Foreign Trade in Goods for the review period indicated that no bills were recorded for used vehicle imports in the first quarter of 2024 (Q1’24).
However, the second quarter (Q2’24) saw recorded import values of N110.54 billion, which grew by 11.9 per cent quarter-on-quarter (QoQ) to N123.77 billion in Q3’24, before declining by 2.6 per cent QoQ to N120.49 billion in Q4’24.
It is worth recalling that in July last year, Ports and Terminal Multipurpose Limited attributed the 60 per cent drop in vehicle importation experienced during the first half of 2024 (H1’24) to the high import duties and taxes on used vehicles.
As economic hardship intensifies, the importation of used vehicles has seen a significant decline, with diesel or semi-diesel engines of 2500cc cylinder capacity dropping by 65.8 per cent year-on-year (YoY) to N354.8 billion in 2024, down from N1.04 trillion in 2023.
Nevertheless, this decline also reflects the consequences of continuous increases in import duties, levies, and taxes on that category of imports. In February 2025, the Nigerian Customs Service (NCS) announced its intention to grant waivers to vehicle owners, allowing them to pay duties within a specified timeframe to avoid sanctions.
Recently, the Federal Government revealed a 90-day window to regularise import duties on certain categories of vehicles. Abdullahi Maiwada, the National Public Relations Officer of the Nigeria Customs Service, stated that this development was a proactive measure to enhance compliance and streamline import processes.
“In a proactive move to enhance compliance and streamline import processes, the NCS, under the directive of the Honourable Minister of Finance and Coordinating Minister of the Economy, is pleased to announce a 90-day window for regularising import duties on specific categories of vehicles.
“Valuation and assessment of the vehicles will be conducted using the Vehicles Identification Number valuation method. Import duty and a 25 per cent penalty are to be paid alongside the import guidelines, procedures, and documentation requirements for used vehicles under the Destination Inspection Scheme in Nigeria (2013) and the NCS Act 2023. Furthermore, duty payments must be made using the procedure code specifically created for this exercise,” Maiwada stated.
Have 1 million naira and above to Buy or Sell Cars In Nigeria? Check carlots.ng
All rights reserved. Reproduction, publication, broadcasting, rewriting, or redistribution of this material and other digital content on carmart.ng is strictly prohibited without prior express written permission from Carmart Nigeria - Contact: [email protected]
