According to findings by The PUNCH, vehicle imports into Nigeria dropped by 128% in the first quarter of 2023 compared to the same period in 2021, with only 51,782 vehicles imported in Q1 2023 compared to 117,830 in Q1 2021.

The number of imported vehicles also dropped by 87.5% in the first quarter of 2022 compared to the previous year, with only 97,132 imported. The Ports & Terminal Multipurpose Limited, which is responsible for the majority of vehicle imports into the country, saw a 40% drop in imports between January and October 2022 compared to the same period in 2021, with only 114,159 units imported.

Clearing agents have blamed inconsistent government policies and the newly introduced Vehicles Identification Number for clearing of imported vehicles as reasons behind the decrease.

However, some analysts believe that the rising import charges and the implementation of the VIN policy by the Nigeria Customs Service are the major causes of the declining vehicle imports.

source; The Punch
link; https://punchng.com/high-duty-vehicle-imports-crash-by-128/