Nigeria spent N1.28tn to import used cars and motorcycles between the third quarter of 2019 and second quarter of 2020, the National Bureau of Statistics has said.
In its released data on foreign trade reports, NBS said the value of imports rose by 42 per cent from N899bn in the period under review.
It indicated that used vehicles surged by 42 per cent from N799.5bn in Q3 2019 to N564.9bn in Q2 2020.
The data showed that motorcycles importation in Q2 2020 equally shot up by 42 per cent to N477.1bn against the N335bn recorded in the corresponding period.
Further analysis on the report showed that used cars were majorly imported from countries like the United States, Netherlands, Italy, Belgium, Germany and Canada.
The country’s volume of imported used vehicles and motorcycles have been significantly driven by e-hailing car and bike services, regarded as one of the two fastest-growing businesses in the country.
However, the country’s economy appears to be underpinned by a harsh regulatory environment and policy uncertainty.
