Nigeria’s Used Vehicles Bill Hit N185.4bn In Q3, 2021

Nigeria's Used Vehicles Bill Hit N185.4bn In Q3, 2021

A report by the office of the Statistician-General, has shown that Nigeria’s used vehicles import bill reached N185.4 billion in quarter three of 2021.

The report which is titled ‘Foreign Trade in Goods Statistics for Quarter Three, 2021’ showed that Nigeria’s total merchandise trade surged to N13.3 trillion in Quarter Three of 2021, marking 10.43 percent rise over N12.02 trillion recorded in Quarter Two.

The report also shows that Nigeria expended a total of N601.51 billion on the importation of motor vehicles in the first half of the year.

This marks a 15 percent rise compared to N523.57 billion recorded in the corresponding period of 2020.

A report by the United Nations Environment Programme (UNEP), revealed that Nigeria is the African country importing the most used vehicles from the United States, and the third in the world, adding that Nigeria ranks just below the United Arab Emirates (UAE) and Mexico.

On the other hand, imports were mainly petrol valued at N1.05 trillion (12.91 per cent), durum wheat valued at N315.17 billion (3.87 per cent) and gas oil N225.63 billion (2.77 percent).  

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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