The National Bureau of Statistics (NBS) has revealed that Nigerians imported N1.063 trillion worth of used vehicles in 2023.
This is an increase of N736 billion or 226.46 per cent over a one-year period, from the N325.05 billion it was in 2022.
Data from the NBS foreign trade report for 2023 shows that the highest imports for the year were recorded in the second quarter (Q2), at a value of N733.91 billion representing about 69 per cent of total imports for the year 2023.
For Q1 2022, Nigeria’s total used vehicle import was N72.32 billion but dropped to N69.48 billion in the year under review.
In the second quarter of 2023, there was, however, a hike in vehicle exports from N96.76 billion recorded in 2022 to N733.91 billion.
In the third quarter of 2023, the figure dropped to N138.50 billion while that of the corresponding quarter of 2022 was N90.77 billion.
For the last three months of 2023, Nigeria imported used vehicles valued at N121.82 billion. This was almost double the value of vehicle import recorded in the same period of 2022 at N65.19 billion.