Business

Used vehicle import hits 4.25m units

 Import touches $11.24bn in 3 years

 

 

PLUNGE

There is a sharp decline in local production of vehicles in the country

 

 

Nigeria has imported 4.25 million used vehicles as local production slumped by 57.2 per cent from 350,000 units to 150,000 units within four year.

 

The used vehicles were shipped into the country between 2017 and 2018 when exchange rates was between 367 and 379.5 per dollar. Data obtained from International Trade Administration (ITA) revealed that 734,659 units of used vehicles were imported into the country in 2017, while in 2018, it ferried 1.22 million units; 2019, 1.3 million units and 2020, one million units.

 

Although, the imports was reduced by 23.1 per cent last year from 1.3 million units to one million units, the trade portal noted that total global vehicles importation into the country was $11.24 billion between 2018 and 2020, noting that the country received $2.24 billion worth of used vehicles in 2018, $5.63 billion in 2019 and 2020 $3.37 billion.

 

In 2020, the trade portal explained that the country imported 500,0000 or half of the total imports, noting that the United States exported over $158 million worth of vehicle parts and accessories or 40 per cent of used car parts imported into Nigeria. It was gathered that Mack brand led as the most preferred imports due to its perceived ruggedness and durability.

 

The United States exported $105 million worth of trucks to the country in 2019. This week, data by the Nigerian Ports Authority (NPA)’s shipping position revealed that a total of six Roll–on Rolloff (RoRo) vessels will berth at the Port and Terminal Multservices Limited (PTML), Tincan Port with 2,300 unites of used vehicles.

 

At the terminal, Pagila arrived on Sunday with 400 units, while Grande Dakar with 300 units; Grande Angola, 300 units; Grande Abidjan, 400 units; Grande Congo, 250 units; Pagnanella, 350 units and Republic Angentina, 300 units would berth before the end of this week.

 

In January, the shipping data indicated that 2,200 used vehicles were offloaded at the terminals as plans to adopt more stringent measures on fuel grade and vehicle emission policy in Nigeria by the Economic Community of West African States (ECOWAS) failed.

 

Expected at the terminal this week are Grande Tema laden with 400 units; Grande Dakar, 400 units; Grande Abidjan, 400 units and Grande Senegal, 300 units. Others being expected next week are Grande Lagos, 400 units and Grande Argentina, 300 units as MV Grande Gabon departed the country with 350 units of used vehicles to other destination.

 

Already, ECOWAS has stressed the need for the adoption of more stringent diesel and petrol fuel specifications between January 1, 2021 and January 1, 2024, but the issue of older, poorly maintained, high polluting diesel engines had not been addressed in Nigeria.

 

Meanwhile, the Minister of Finance, Budget and National Planning, Zainab Ahmed, had said that import duty for cars would still remain at 35 per cent, saying that what had been reduced was levey from 35 per cent to five per cent.

 

She explained: “For cars, the import duty is still 35 per cent, what has been reduced is the levy from 35 per cent to five per cent. So, there is still an import duty and levy of 40 per cent on cars. This is still the highest within the west African region.

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