Nigeria’s vehicle import market has recorded a dramatic rebound in the first half of 2025, with volumes nearly doubling compared to the same period last year. Industry stakeholders attribute the surge to foreign exchange stability and recent reforms introduced by the Central Bank of Nigeria (CBN).
Exclusive figures from two of the country’s busiest vehicle terminals – Ports & Terminal Multipurpose Limited (PTML) and Five Star Logistics Terminal – as well as confirmations from freight forwarders, reveal that the number of cars shipped into Nigeria rose by close to 100 per cent between January and June 2025.
At PTML, an official disclosed that the terminal has already surpassed last year’s vessel traffic. “Over 40 vessels called at PTML in 2024, but in just half of 2025, we have already received more than 50 ships. This reflects the growing momentum in car importation,” the source said.
The data shows that around 18,000 vehicles were imported through PTML in the first half of 2024. By comparison, more than 34,000 units – both new and fairly used (Tokunbo) – had already been discharged at the terminal by June 2025, representing an almost 90 per cent increase.
The source linked the trend to exchange rate stability, which has allowed importers to plan with more confidence. “Unlike before, the exchange rate is now more predictable. Importers can plan ahead, inflation is slowing, and businesses are finding room to expand. This has encouraged more vehicle importation compared to the uncertainty that plagued the market in 2023 and 2024,” the source explained.
At Five Star Logistics Terminal, the pattern is similar. A source at the facility confirmed that imports have already exceeded last year’s totals. “In 2024, throughput was around 32,000 units. But by July 2025, we had already crossed 37,000 units. If this pace continues, the year could end with more than double last year’s total imports,” the official revealed.
The official further noted that the relative stability of the naira-dollar rate has encouraged long-term importation plans. “When the exchange rate fluctuates, it disrupts trade. Now that the naira is more stable, importers are confident enough to make commitments,” the source added.
This spike follows CBN’s interventions to boost liquidity in the forex market, including dollar injections and reforms that attracted higher foreign portfolio inflows. The naira has since strengthened, recently appreciating to around N1,500/$ at the official market.
Industry stakeholders confirm that the stronger naira has boosted trade confidence. The PTML Chapter Chairman of the National Association of Government Approved Freight Forwarders, Mr. Thomas Alor, acknowledged the surge. “There is a clear rise in vehicle importation this year compared to last year. While I cannot give an exact percentage, the volume of vehicles arriving at the ports has significantly grown,” he said.
Similarly, the Apapa Chapter Chairman of the National Council of Managing Directors of Licensed Customs Agents, Mr. Abayomi Duyile, credited part of the growth to changes in customs duty assessments. “Last year, clearance was slowed because duties were extremely high. But with the introduction of the 846 valuation method, duties were reviewed downward. Customs now factors in depreciation, mileage, and wear-and-tear for used cars. This has boosted clearance and encouraged more imports,” he explained.
At Tincan Island Port, the National Protocol Officer of the Association of Nigerian Licensed Customs Agents, Mr. Riwane Amuni, also confirmed the upswing. “Vehicle imports are definitely higher this year. PTML and Five Star Logistics handle the bulk of roll-on/roll-off traffic, and their numbers show volumes have risen considerably compared to 2024,” he said.
The surge suggests renewed confidence among traders and investors in Nigeria’s automotive sector. Analysts expect the increased supply of vehicles to expand consumer choices, ease market shortages, and potentially stabilise car prices.
Still, experts caution that sustaining the momentum will depend on maintaining forex stability and driving structural reforms. Factors such as global oil price volatility, Nigeria’s import dependency, and inflationary pressures could pose risks in the months ahead.
If current trends hold, 2025 could go down as one of the strongest years for vehicle imports in Nigeria’s recent history, with projections of a 100 per cent year-on-year increase by December.
For now, importers and freight forwarders say forex stability has been a game-changer. As one customs agent put it: “When businesses can predict tomorrow, they can plan today. That’s why we are seeing this surge. Stability is giving us hope, and the numbers at the ports prove it.”
