Nigeria, U.S. Trade in Used Vehicles Hit $471m

Importers of used vehicles and spare parts have shifted to the United States as imports hit $471 million (N179.4 billion) between 2018 and 2019. The import was 42.6 percent of the total vehicles and parts brought into the country during the period. The United States Census Bureau (USCB) report revealed that most of the vehicles imported from the United States into Nigeria were Japanese brands with Toyota at the top of the chart, while Hyundai and Kia have established themselves as serious competitors.
 
Although vehicles and related components are not on the Central Bank of Nigeria (CBN)'s a list of 42 products not eligible for foreign exchange, but in 2018, USCB report noted that the United States exported over $134 million worth of vehicle parts and accessories to Nigeria, including fuel and oil additives, as well as auto body repair products.
 
Within the period, a total of N417.66 billion used vehicles were shipped into the country between March 2018 and 2019. This is coming as the launch of the Automotive Industry Development Plan (NAIDP) 2014 has not achieved the purpose for which it was established, even though the Nigerian Automotive Council (NAC) has licensed 35 companies to produce cars under the NAIDP, yet the number of locally assembled units remains very low. Just last week, ten vessels laden with 4,287 units of used vehicles arrived at Tincan Port…
 
More details through:
https://www.newtelegraphng.com/nigeria-u-s-trade-in-used-vehicles-hit-n179bn/