Why does the 2023 Mercedes Benz G-Wagon cost over ₦450 million to ₦530 million in Nigeria now, when it was worth ₦210 million just few months ago?

The current cost of owning a brand new 2023 Mercedes Benz G-Wagon in Nigeria is now between ₦450 million to ₦530 million, which is a significant rise compared to just a few months ago. This increase is largely due to the rising exchange rate for cargo clearance. Nigerian luxury auto dealerships, who list their vehicles for sale on platforms like Carmart.ng, report this price range.

In August 2023, the cost of a brand new 2023 Mercedes Benz G-Wagon in Nigeria was around or slightly above ₦210,000,000. However, due to the current Customs Exchange Rate, which is over ₦1544.081 per dollar, the prices of vehicles, including both brand new and used ones (Tokunbo), continue to soar to unaffordable levels in Nigeria.

Since May 2023, the Central Bank of Nigeria (CBN) has raised the exchange rate multiple times, causing the import duty for clearing cargoes at the nation’s seaports to increase. The exchange rate has risen from as low as ₦422.30 to over ₦1544.081 per dollar and is still increasing, leading to the record-high prices of vehicles in the country.

Why The 2023 Mercedes-Benz G63 is the Best SUV Suited for Nigeria Roads

The 2023 Mercedes-AMG G 63 is a luxurious SUV that packs a punch with its beastly engine and high-tech performance equipment. The interior is also impressive, with glitzy features. It has a handcrafted 4.0L V8 biturbo engine can generate up to 577 hp and a cargo capacity of 38.1-68.6 cu ft. The G 63 can go from 0 to 60 mph in 4.5 seconds and has a top speed of 240km/h. It also features a two-speed transfer case, four-wheel drive, locking differentials, and an adaptive damping suspension for better performance.

Safety is a top priority for the G-Class, which has advanced features such as collision prevention systems, stability control, and multiple airbags. The Mercedes-Benz G63 symbolises wealth and prestige in Nigeria, and it’s no wonder politicians, celebrities, and top-class businessmen own it.

The original G-wagen was an icon, a military vehicle with the interior of an S-Class. It remained on sale for what seemed like forever. The redesigned second-generation version of the SUV arrived in 2019, retaining all the original’s looks, panache, and capability but with a more refined interior and better in-car tech and driver aids. However, it’s not the most comfortable or best-driving luxury SUV. The GG63 wins on charm more than anything else.