Nigeria’s used vehicle imports saw a significant surge in 2023, skyrocketing by 226.46% to a staggering N1.063 trillion, as revealed by the National Bureau of Statistics in its latest trade data report.
The data analysis indicated a substantial increase of N736 billion in used vehicle imports between 2022 and 2023. In the first quarter of the year, Nigeria’s total used vehicle imports amounted to N72.32 billion, slightly decreasing to N69.48 billion in the following months.
However, the second quarter of 2023 witnessed a remarkable spike in vehicle exports, soaring from N96.76 billion in 2022 to an impressive N733.91 billion. The trend took a downturn in the third quarter, with used vehicle imports dropping to N138.50 billion compared to N90.77 billion in the same period of 2022.
Closing off the year, Nigeria imported used vehicles worth N121.82 billion in the last quarter of 2023, nearly doubling the value of vehicle imports from the previous year at N65.19 billion.
Overall, the total foreign trade in 2023, encompassing both imports and exports, amounted to a substantial N69.81 trillion, showcasing the country’s active participation in the global market.
This surge in used vehicle imports highlights Nigeria’s growing automotive industry and its increasing role in the international trade landscape. As the country continues to expand its trade horizons, the future looks promising for Nigeria’s economic growth and development.
