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Vehicles Worth Over N800b Imported Into Nigeria

Vehicles worth over N800 billion have been imported into the country this year.

The vehicles, investigation revealed, were shipped into the country between first and the third quarters of the year.

For instance, in the first quarter (Q1) data by the National Bureau of Statistics (NBS) revealed that Nigeria imported used vehicles  were valued at N311.63 billion.

In the first half of this year, NBS said the country spent N601.51 billion on the importation of motor vehicles.

Investigation by The Nation showed that no fewer than 10,000 units of damaged and cheap used vehicles were ferried by 16 roll-on roll-off vessels to the country between September and October.

The figure includes the number of vehicles that were discharged at various terminals within and outside Lagos.

Sources at the Nigerian Customs Service (NCS) said vehicles valued at over N50 billion were shipped into the country between October and early November.

It was gathered that most of the vehicles were those that have been damaged by flood in the United States (U.S) and Canada, while some of them which have failed safety and emissions standards came from Italy, Belgium and Germany and other European countries.

Findings revealed that an estimated 350,000 vehicles in US were damaged this year by flood.

Data from the Nigerian Ports Authority (NPA’s) shipping position also revealed that 4,210 units of used vehicles were offloaded at the Port and Terminal Mult-services Limited (PTML), Tin Can Island Port before the end of last month.

At the terminal Gral, Sal Martin was moored with 400units before the end of October, while Paglia and Grande Marocco, arrived the port with   359units and 400units respectively.

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Also, Grande Gabon offloaded 350 units; Wisteria Ace, 847 units; MSC Immacolata, 400units; Grande Benin, 350 Units; Grande Lagos, 300units; Grande Argentina, 300units; Horizon Leader, 300units and Grande Sicilia, 204units

Also in September this year, the terminal took delivery of 1,050 units from Aurora laden with 300units; Grande Abidjan, 400 units and Grande Sierra Leone, 350 units.

The NBS explained that N140.2 billion was spent on importing used vehicles from the US in Q1 2021, while N33.78 billion was spent on the same in Q2 of this year.

According to the NBS data,  imports of passenger cars rose by 14.03 per cent to N311.63 billion compared to Q2 of 2020 when the  imports was N273.28 billion.

It added that N1.09 trillion was spent on vehicle imports in 2020, noting that used vehicles valued at N198.4 billion was imported in the second quarter of 2020,  while N210.05 billion and N241.91billion used vehicles  were ferried into country in the third quarter  and  fourth of 2020 respectively.

According to NBS report, different used cars valued at N824.58 billion were imported by the country between second quarter of 2020 and first quarter of 2021.

Total global vehicles importation into the country was $2.24billion in 2018 and $5.63billion in 2019.

It would be recalled that in May this year, eight vessels also offloaded 2,850 units of used vehicles at PTML with Republican Argentina led by 300units, while Grande Morocco and Grand Lagos discharged 350 units and 400units respectively.

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Also, 2,200 units were offloaded in February, 2021 by Grande Tema with 400 units; Grande Dakar, 400units; Grande Abidjan, 400units and Grande Senegal, 300 units, Grande Lagos, 400 units and Grande Argentina, 300units.

Other vessels were Grande Cameroon with 350units; Gral. Sal Martin, 400units; Grande Abidjan, 400units; Grande Togo, 350 units and Grande Senegal, 300 units.

It was revealed that the terminal also took delivery of 269,000 units or 65.53per cent of the 410,443 units that entered the country between 2017 and 2018.

In the first half of this year, NBS said the country spent a total of N601.51 billion on the importation of motor vehicles

The figure represents a 15 per cent increase compared to N523.57 billion recorded in the corresponding period of 2020, despite the reduced import duties on vehicles.

Vehicle imports accounted for 4.4 per cent of total imports of N13.8 trillion recorded in the period under review. Meanwhile, a total of N1.09 trillion was spent on vehicle imports in the previous year.

Going further, in the second quarter of 2021, imports of passenger cars grew by 14.03 per cent to N311.63 billion compared to the corresponding quarter of 2020 where imports for the same item stood at N273.28 billion.

Over the past three years, Nigeria has steadily increased its import of vehicles by 195 per cent from N371.98 billion in 2018 to N1.09 trillion in 2020. This could be as a result of an increase in ride-hailing services and technologies, pushed by the likes of Bolt, Taxify and Uber.

Source: nation

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