Association of Motor Dealers President Ajibola Adedoyin urged government support for affordable locally assembled cars, warning, “It will be difficult for many Nigerians to get cars.”
Rising living costs, high exchange rates, and increased import tariffs are driving a surge in demand for Nigerian-used cars as foreign-used “Tokunbo” vehicles become unaffordable. Dealers report prices of some foreign-used models have tripled, with Toyota Venza now nearly ₦20m.
Customs’ new 4% Free On Board levy, replacing the 1% CISS, has further reduced vehicle imports. Comptroller-General Adewale Adeniyi said the levy would fund modernisation, including the B’Odogwu clearance system.
Dealer Nurudeen Amodu said, “Recently we hosted some customers from Cotonou… they would make more buying Nigerian used cars.” Buyers from Niger, Benin, and Cameroon are now sourcing vehicles in Nigeria due to stronger currencies.
Association of Motor Dealers President Ajibola Adedoyin urged government support for affordable locally assembled cars, warning, “It will be difficult for many Nigerians to get cars.”
Some owners are selling vehicles to cope with hardship. Customs agents say the levy will worsen inflation, pushing vehicles further out of reach for average Nigerians.