How FG’s policy led to reduced imported used cars
The National Bureau of Statistics (NBS) has published a report titled, Foreign Trade in Goods and Statistics, which showed a reduction in the volume of used cars imported into the country in the first half of 2022.
The statistics show that N72.3bn worth of imported cars were imported into the country in the first quarter of 2022, and N96.7bn in the second quarter.
The figures contrasted with that of 2021 for the same period, which was N174.2bn for first quarter, and N172bn for the second quarter.
FG policy on vehicle importation
The federal government had introduced the Vehicle Identification Number (VIN) early on in 2022. The policy aimed at achieving accurate valuation of imported used vehicles.
The policy, consequently, raised the cost of clearing vehicles at the ports while pitting clearing agents against the Nigeria Customs Service (NCS).
A report had quoted Nnadi Ugochukwu, the vice-president, National Association of Government Approved Freight Forwarders, as saying that while clearing agents could a vehicle hitherto with N500,000, such is no longer possible. According to him, “now you can clear the same vehicle with N2 million or more”.
“You do not have any other option than to abandon the vehicles,” he had noted.
