Nigerians spent N509.8bn on importing used vehicles in nine months- NBS

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Nigerians have spent about N509.8bn importing vehicles within January to Spetember of the years 2019.

This is according to the analysis of the foreign trade in good statistivs obtained from the National Bureau of Statistics.

According to the report, the cars were imported into Nigeria from the United States and some European countries such as Italy, Belgium, Germany and Canada.

A further analysis of the trade statistics showed that in the first quarter of this year, Nigerians imported used cars worth N148.28bn.

A breakdown of the N148.28bn showed that used vehicles worth N90.8bn were imported from the United States alone while the balance of N58bn was spent on vehicles that came in from other countries.

Further breakdown showed that out of the N148bn, vehicles with 2,500 cylinder capacity accounted for N117.46bn while the balance of N30.82bn was the value for vehicles with 1,500cc cylinder capacity.

For the second quarter, the report put the monetary value of the vehicles imported into the country at N177.34bn.

Out of the N177.34bn, about N114.9bn worth of used vehicles came in from the US, Italy N6.3bn, Belgium N4.1bn while the balance of N52.04bn came in from other countries.

Data from the NBS also showed that during the second quarter, vehicles with 2,500cc cylinder capacity accounted for N146.95bn while the balance of N30.39bn was the value for vehicles with 1,500cc cylinder capacity.

In the third quarter of this year, the NBS statistics put the importation of used vehicles at N184.18bn.




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