Imported Used vehicles hit N90.78 billion As Nigeria’s import bill hits N5.66 trillion in Q3 2022

According to the latest data released by the NBS (National Bureau of Statistics), the value of Nigeria’s imported merchandise during the third quarter of 2022 was N5.66 trillion, which is 4.2% higher than the N5.44 trillion recorded in the previous quarter and 6.2% higher than the N5.34 trillion recorded in the third quarter of 2021.

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The value of Nigeria’s exported goods decreased by 19.9% during the third quarter of 2022 to N5.93 trillion. This resulted in a trade surplus of N269.3 billion, which is lower than the N1.97 trillion recorded in the previous quarter.

Top on the list of Nigeria’s import bills during the period under review is petrol, accounting for over 21% of the total import at N1.19 trillion.

Nigeria continues to spend huge scarce FX resources on the importation of refined petroleum due to its inability to refine crude oil locally, while the government still pays large amounts as petrol subsidies to oil marketers.

It is important to analyse the items that Nigeria and Nigerians import from other economies of the world in other to ascertain areas which lack local production costs in the nation. Hence, Nairametrics lists the top 10 Nigerian imports for Q3 2022.

Nigerians imported used vehicles valued at N90.78 billion in Q3 2022, which accounted for 1.6% of the total bill. Compared to the previous periods, the importation of used vehicles into the country reduced significantly.

On a year-on-year basis, used vehicle import dipped by 51% compared to N185.41 billion recorded in Q3 2021, while it reduced by 6.2% in contrast to N96.76 billion recorded in the previous quarter.

We early reported that most car dealers faulted the depreciating exchange rate and high clearing cost as the major contributor to the decline in vehicle imports into the country.