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…
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