CAmid foreign exchange scarcity, importers have taken delivery of 963,915 units of used vehicles through bonded terminals, Five Star Logistics Limited and Port and Terminal Multi-services Limited of the Tin Island Ports, between 2021 and 2022.
 
It was gathered that despite the Federal Government's measures, some of the vehicles coming into the country were stolen. The government had complained that 40 per cent of the vehicles being shipped into the country were stolen. Findings revealed that importers spent $1.3 billion on 849,756 used vehicles between January and December 2021. Also, 114,159 units of vehicles were imported in the first half of 2022. It was revealed that intervention by United States Customs and Border Protection had further affected the importation of vehicles into the country in the first two months of 2023.
 
More details at:
https://www.newtelegraphng.com/used-vehicles-nigeria-imports-963915-units-amid-theft-surge
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As Nigeria continues to exist without a law guiding the automotive sector to attract investors and enable citizens to purchase new cars with ease and affordable prices, data from the National Bureau of Statistics (NBS) has shown that Nigerians have continued to rely on used cars from the United States of America (USA) as cheaper alternatives.
 
Analysis of data on foreign trade reports conducted by the NBS from 2017 to 2022 indicates that Nigerians prefer cars from the US, as from the $5.4bn of the commodity imported into the country, $3.9bn was imported from the US alone.
 
More details at:
https://dailytrust.com/nigerians-imported-n1-8trn-of-us-used-vehicles-in-6-years
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Rail transport revenue grew year-on-year (YoY) by 42 per cent to $6.7 billion in the first six months of this year (January to June) from $4.7 billion in the corresponding period of 2021.
 
Data from the National Bureau of Statistics, NBS, Rail Transportation data for the second quarter of this year, Q2’22, showed that the $6.7 billion revenue generated in the review period comprises $6.2 billion generated from passengers, $360,000 generated from goods and $246,000 from other income receipts.
 
More details at:
https://www.vanguardngr.com/2022/10/rail-transport-revenue-rises-42-to-n2-93trn-in-6-months
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British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group has introduced its new name and announced a $20 million, 4-year structured credit investment in Moove – a mobility fintech democratising access to vehicle ownership in Africa.
 
On how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech, Moove, O’Donohoe comments: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.”
 
More details at:
https://www.thisdaylive.com/index.php/2022/07/04/british-international-investment-commits-20m-to-mobility-fintech/
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Foremost automobile dealer and sole representative of the Renault brand in Nigeria, Coscharis Motors Plc, has announced plans to increase assembling variants of the Renault brand locally while also wooing customers with the offer of a free service voucher worth $357 only for every Renault vehicle purchased from the company.
 
Making the announcement during the recently concluded Lagos Motor Fair, the General Manager, Marketing & Corporate Communications, Coscharis Group, Abiona Babarinde, said, “Currently, we are still assembling two variants of the Renault brand locally, at our assembly plant in Awoyaya, Lagos, namely Logan and Duster respectively. Clearly, we have the capacity to add more variants to our local assembly line and hope that the time will soon come...
 
More details at:
https://punchng.com/coscharis-motors-to-increase-assembling-variants-in-nigeria/

The Lagos Metropolitan Area Transport Authority (LAMATA) and Oando, have recorded a new milestone with the signing of a Memorandum of Understanding to provide electric buses for residents of the state.
 
The MoU signed last Thursday in Lagos, establishes a partnership between Oando Clean Energy Limited, the renewable energy business of Oando, and Lagos State, in her journey to becoming a sustainable city through the rollout of electric mass transit buses, supporting charging infrastructure and service centres (EV Infrastructure Ecosystem).
 
More details at:
https://punchng.com/lagos-oando-partner-to-introduce-electric-mass-transit-buses/
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The Federal Ministry of Finance, Budget and National Planning has approved implementation of the ECOWAS Common External Tariff (CET) 2022-2026 which provides for a slash in import duty of pickup vehicles to 10 per cent without payment of the controversial National Automotive Council (NAC) levy.
 
The circular obtained by Daily Sun dated April 8, 2022 signed by the Minister of Finance, Budget and National Planning, Dr Zainab Shamsuna Ahmed. was transmitted to the Comptroller General of Nigeria Customs Service, Col Hameed Ali. The Minister instructed that single and double cabin pickup vehicles under the heading of 87.04 should attract 10 per cent import duty with no levy, both old and new…
 
More details through:
https://www.sunnewsonline.com/fg-reduces-import-duty-on-hillux-vehicles-pickups-to-10/
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The Ministry of Power has developed an Electric Vehicle (EV) pilot project, with the financial support of the European Union (EU), the German Ministry for Economic Cooperation and Development (BMZ), within the framework of the Nigerian Energy Support Programme (NESP).
 
The feat was achieved at Gbamu-Gbamu, one of the mini-grid sites supported by NESP during its first phase, and has produced insights on the potentials of EVs in rural and peri-urban communities.
 
At the unveiling of the Electric Vehicle Opportunities in Rural and Peri-urban Communities ceremony held in Lagos, the Acting Director the Renewable and Rural Power Access Department in the ministry, Mr. Abubakar Dapshima, said the relevance of the EV pilot project at the Gbamu-Gbamu solar mini-grid community cannot be over emphasised…
 
More details through:
https://thenationonlineng.net/nigeria-partners-eu-germany-to-develop-electric-vehicle/
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Despite the automotive policy introduced by the Federal Government in 2013 to gradually phase out used cars, six countries have flooded Nigerian automobile market with $4 billion (N1.79 trillion) used motor vehicles and motorcycles in the last two years.
 
The vehicles are those that have failed safety, fuel economy and emission standards in the United States and Europe. They were imported from United States, Italy, Belgium, Netherlands, Brazil and Canada. Nigeria’s annual vehicle demand is estimated at 720,000 units, while local production is13,000 units.
 
It was revealed that in 2021, the country took delivery of N785.73 billion used vehicles, including motorcycles, while N1 trillion worth of used vehicles were shipped into the country in 2020 through the Lagos roll-on roll- off port and other seaports terminals in the country in order to fill the supply shortfall…
 
More details through:
https://www.newtelegraphng.com/six-countries-dump-n1-7trn-used-vehicles-in-nigeria/
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Stallion NMN Limited says it is planning to begin assembling of the new Nissan Navara pickup in Nigeria in June this year.
 
The General Manager, Stallion NMN Limited, Amit Sharna, made the disclosure in Lagos on Saturday during the launch of the all-new and most-advanced Nissan Navara pickup.
 
Unveiled in its showroom with a test-drive, Nissan Navara, which comes in various sizes, promises to deliver an enhanced level of safety, comfort and driving pleasure, while continuing to bring the durability, reliability, and versatility that it is known for…
 
More details through:
https://punchng.com/nissan-set-to-assemble-navara-pickup-in-nigeria-june/
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