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:
News Archive from before July 2018