• News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Sunday, June 22, 2025
  • Login
Auto Journal Africa
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
Ask Autojorunal AI
No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa
No Result
View All Result
Morning News
No Result
View All Result
Home News

Q2 2024: Weak naira forces 83% decrease in Nigeria’s used vehicle import bill

David Ijaseun by David Ijaseun
October 9, 2024
in News, Uncategorized
0
Nigerian car market
1.1k
SHARES
18.9k
VIEWS
Share on FacebookShare on Twitter

Nigeria’s used vehicle import bill has dropped dramatically by 83% in the first half of 2024, according to the National Bureau of Statistics (NBS). The figure plummeted to N138.62 billion from N819.15 billion in the same period last year, reflecting a sharp decline in second-hand vehicle imports, known locally as “Tokunbo.”

In the second quarter of 2024 alone, the value of imported used vehicles was N138.62 billion, down from N749.92 billion in Q2 2023, representing a year-on-year drop of 81.5%. A significant portion of these vehicles came from the United States, with total imports from America in Q2 2024 reaching N971.84 billion.

READ ALSO

Tesla signs landmark deal for China’s largest grid-scale battery plant

Lucid vs. Rivian: The battle for America’s EV future heats up

The NBS report also noted a decrease in the All Products Terms of Trade (TOT) Index, which fell by 0.06 percentage points. This decline comes despite the Nigeria Customs Service suspending its 25% penalty on unlawfully imported cars in March 2024.

The forex crisis has been a major factor behind the fall in vehicle imports, with the devaluation of the Naira pushing import costs higher. The exchange rate between the Naira and the U.S. dollar surged to N1540.78 last week, a stark contrast to N460 in June 2023.

A local car dealer lamented, “The cost of bringing in cars has doubled in the past year. Many of us are struggling to keep up with demand at these prices.”

This sharp decline in vehicle imports reflects the broader economic challenges Nigeria faces amid ongoing currency volatility and rising inflation, which has put pressure on businesses and consumers alike.

Read more on Nigeria ramps up fight against car theft syndicates

Tags: All premiumNigeriavehicle importation

Related Posts

Tesla signs landmark deal for China’s largest grid-scale battery plant
News

Tesla signs landmark deal for China’s largest grid-scale battery plant

June 21, 2025
Lucid vs. Rivian: The battle for America’s EV future heats up
Electric Vehicles

Lucid vs. Rivian: The battle for America’s EV future heats up

June 19, 2025
Ferrari Second Electric Car
Electric Vehicles

Ferrari hits the brakes on second electric car, delays launch to 2028

June 18, 2025
Auto Draft
News

Canadian GP: Russell keeps Montreal win as Wolff slams Red Bull protest

June 17, 2025
Taiwo Shittu, CEO, Lanre Shittu Motors
Business

Why Chinese trucks now dominate Nigeria’s roads – Taiwo Shittu

June 8, 2025
Nigeria cracks down on illegal vehicle imports to spur domestic auto growth
Africa

Nigeria cracks down on illegal vehicle imports to spur domestic auto growth

June 8, 2025
Next Post
Honda recalls 1.7M vehicles in U.S. over steering risk, 10,000+ Claims Filed

Honda recalls 1.7M vehicles in U.S. over steering risk, 10,000+ Claims Filed

POPULAR NEWS

Inferno at Toyota 1000 Desert Race consumes 49 cars

Inferno at Toyota 1000 Desert Race consumes 49 cars

July 3, 2023
Mobius Motors

Mobius Motors: Rising taxes, competition ends Kenyan SUV maker’s journey

August 7, 2024
Autojournal car race

Get ready for the biggest RACE show this December in Nigeria

August 12, 2024
From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

From style to sustainability: How Geely Auto is shaping the future of luxury vehicles

October 25, 2024
Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

Oyo State Governor gifts Saheed Osupa Toyota Prado SUV worth ₦70M 

August 22, 2023

EDITOR'S PICK

Renegotiations for jet fighter project aim to ease burden on state budget

May 22, 2023
Remote jamming rises as car thefts target high-value vehicles in South Africa

Remote jamming rises as car thefts target high-value vehicles in South Africa

October 28, 2024
Blue Origin launches first all-female crew, blending science and stardom​

Blue Origin launches first all-female crew, blending science and stardom​

April 16, 2025
1960 Ferrari 250 GT

A collector’s dream: The three rare cars worth $17.67 million auctioned in January 2024

February 23, 2024

About

Auto Journal Africa is the leading online and print magazine for automobiles in Africa.

Follow us

Recent Posts

  • Tesla signs landmark deal for China’s largest grid-scale battery plant
  • Heesen launches Sparta, its biggest yacht at 220 feet long
  • Lucid vs. Rivian: The battle for America’s EV future heats up
  • Tesla pauses Cybertruck and Model Y production to boost efficiency

Links

  • Privacy Policy
  • About Us
  • Contact Us
  • News
  • Reviews
  • Events
  • Tools
  • For Sale

© 2023 Auto Journal

No Result
View All Result
  • News
    • Tech
    • Lifestyle
    • Business
    • Opinion
    • Premium
  • Reviews
  • Events
    • Nigeria
    • South Africa
  • Tools
    • Price Guide
    • Find your idea car
    • Car valuation
    • Sell your car
    • Car insurance quote
    • Locate a dealer
    • Deals
  • For Sale
    • New Cars for sale
    • Cheap Cars for sale
    • Bikes for sale
    • Trucks for sale
    • Boats for sale
    • Jets for sale in Africa
    • Cars under 5m
    • EV in Nigeria
    • EV in South Africa

© 2023 Auto Journal

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In