As economic hardship worsens, the importation of used vehicles has recorded a significant decline, with diesel or semi-diesel engines of cylinder capacity 2500cc dropping by 65.8 per cent year-on-year (YoY) to N354.8 billion in 2024 from N1.04 trillion in 2023.

However, the decline also reflects the impact of the continuous increase in import duty, levies, and taxes on that category of imports.

A breakdown of data from the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics for the review period showed that no bills were recorded for used vehicle imports in the first quarter of 2024 (Q1’24).

However, the second quarter (Q2’24) recorded N110.54 billion, and the value 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.

Recall that in July last year, the Ports and Terminal Multipurpose Limited blamed high import duty and taxes on used vehicles for the 60 per cent drop in vehicle importation it experienced in the first half of 2024 (H1’24).

In February 2025, the Nigeria Customs Service (NCS) announced its intention to grant waivers to vehicle owners, allowing them to pay duties within a specific time frame to avoid sanctions.

Recently, the Federal Government introduced a 90-day window to regularise import duties on specific categories of vehicles.

The National Public Relations Officer of the Nigeria Customs Service, Abdullahi Maiwada, described the move as a proactive step 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 carried out using the Vehicle Identification Number valuation method. Import duty and a 25 per cent penalty shall be paid in tandem with the import guidelines, procedures, and documentation requirements for used vehicles under the Destination Inspection Scheme in Nigeria (2013) and the NCS Act 2023. Also, duty payments must be made using the procedure code specifically created for this exercise,” Maiwada said.