Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,163,409 members, 7,853,808 topics. Date: Saturday, 08 June 2024 at 02:55 AM |
Nairaland Forum / Nairaland / General / Car Talk / Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars (1200 Views)
Result Of 2019 Car Race And Bike Race Championship In Nigeria / The 9 Best Family Cars Of 2019 / The Interior Of 2019 Mercedes Benz G Class (Photos) (2) (3) (4)
Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars by naijadrivablog: 10:34am On Aug 12, 2019 |
[img]https://naijadriva.files./2019/08/cotonou-cars1-308012102.jpg?w=584&h=415[/img] According to National Bureau of Statistics (NBS) of Nigeria, Nigerians spent a whopping sum of N148 billion to import used Vehicles (popularly known as Tokunbo or “Belgium) in the first quarter of 2019. According to the NBS report, out of the total N3.58 trillion worth of goods imported in the first quarter of the year, used Vehicles amounted to N148 billion. This represents about 4.63% of Nigeria’s total import in three months. Nigeria’s top 15 imports constitute about 38% of total imported goods in the first quarter of 2019. The top 15 imported goods were estimated to be valued at N1.35 trillion. [img]https://naijadriva.files./2019/08/used-cars-in-nigeria1303963110.jpg?w=584[/img] Top on the list is laboratory, hygienic or pharmaceutical glassware products, which was estimated at N517 billion for the quarter. Similarly, the second item on the top 15 list of imported goods is the Premium Motor Spirit (Petrol), gulping the sum of N190 billion. Meanwhile, used vehicles are the third most imported goods into Nigeria. See breakdown of imports: 1st – Laboratory glassware – N517 billion 2nd – Motor spirit, ordinary – N190.7 billion 3rd – Used Vehicles – N117.4 billion 4th – Imported motorcycles – N95.3 billion 5th – Gas Oil – N62.2 billion 6th – Machines – N56.7 billion 7th – Durum wheat (Not in seeds) – N43.8 billion 8th – Durum wheat, Seed – N43.8 billion 9th – Sugar Cane – N34.5 billion 10th – Lubricating oils to be mixed – N41.6 billion 11th – Used Vehicles – N31.4 billion 12th – Vehicles (petrol fuel engine) – N30.8 billion 13th – Other machine-tools – N29.3 billion 14th – Other Herbicides – N24.8 billion 15th – preparations for infant use – N23.3 billion An earlier analysis of data obtained from the U.S Department of Commerce shows that Nigeria imported used vehicles worth $526 million (N161 billion) from the U.S in 2018, as against $284 million (N87 billion) in 2017. This implies that a large chunk of Nigeria’s foreign exchange is spent on imported vehicles. Since 2015, the total amount of money spent on the importation of vehicles from the U.S only rose significantly. Further analysis of the NBS data shows that between March (2018 and 2019), Nigeria spent the sum of N417.66 billion to import Cars in Nigeria in one year, estimated at N417 billion. Nigeria, a dumping ground? Importation appears to be one of the major banes of the Nigerian economy. This explains why car importation has surged over the years. The figure provided by the bureau, omitted smuggled cars through our porous borders. Smuggled items and the importation of sub-standard goods have led to the death of several companies. Recently, the CBN announced that it has concluded plans to close the bank accounts of smugglers. While this is a step in the right direction, it may not curb the importation of used cars. Nigeria’s Automobile Policy: One would wonder why Nigeria’s automobile industry has been at a standstill for many years. While Federal Government in 2014, increased import tariffs and duties on imported new and used vehicles to as high as 70 percent, while reducing tariffs on semi-knocked down (SKD) and complete knocked down vehicles and assembly machinery to a range of 0 to 10 percent. Five years on, car importation still gulps billions of Naira. According to the Managing Director of VON Automobile Nigeria Limited and Chairman of the Nigeria Automobile Manufacturers Association, Tokunbo Aromolaran, said, Nigeria had about five or six booming auto industries in the 70s; they all died because they couldn’t compete against the imports from China and Southeast Asia. The industry was redefined by the Auto Policy as most of you know. We have achieved partial success as envisaged when that policy was put together. Partial, in the sense that not all the requirements of the policy have been or is being implemented as it should. Four ways this affects Nigerian economy are: Increased importation of used vehicles would affect innovation and production of vehicles in the country. As a result, the Federal Government’s auto-policy needs to address this. According to sources, the Nigerian Customs revenue is dwindling due to fewer vehicles coming through the ports, hence, FG loses billions of Naira. Demand for foreign exchange to pay for the imported vehicles may also cause undue pressure on Nigeria’s fragile exchange rate system. Finally, rising importation of used cars is a quick way to discourage investors in the automobile industry, and further dampens hope of revitalising the sector. Source: https://naijadriva./2019/08/12/nigerians-spent-n148-billion-in-3-months-to-import-used-cars/ |
Re: Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars by naijadrivablog: 11:14am On Aug 12, 2019 |
How can companies like Innoson grow? And China wants to start dumping used cars in Nigeria and other African countries soon. What do you think? See more:https://naijadriva./2019/08/12/nigerians-spent-n148-billion-in-3-months-to-import-used-cars/ 1 Like |
Re: Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars by Wigetsolar: 1:00pm On Aug 12, 2019 |
Nigeria is a consuming country with taste for foreign made goods. Our leaders school abroad, vacation abroad, seek medical care abroad and so on. How will they look inward By the time they add the figures of those cars smuggled across our borders, it may get to N2tr per year. Ask most of us where we want to vacation, instead of Obudu, Drill ranch, Osun, Ogun, etc, they prefer hot Dubai etc. 1 Like 3 Shares |
Re: Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars by fabienjoe: 11:15pm On Aug 12, 2019 |
How come used vehicles are 3rd and 11th on your list with different figures? They can't both be correct, can they? |
Re: Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars by sultaan(m): 10:11pm On Aug 13, 2019 |
Does that explain why the import duty I have to pay on my incoming car is N700k and how much of it will actually end up in government coffers. If I go to the Nigerian customs web site enter my model year and car it should give me an estimated duty which I can the pay now in dollars to government verified account and all O have to do is go pick it up. Since most people bring in car are working abroad you just created a way to make dollars for free. No stealing/ corruption |
Re: Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars by Exponental(m): 4:03am On Aug 15, 2019 |
Do you think FG will encourage local production of vehicles..... Our politicians are servants of some godfathers who expect returns, that's why they yield little positive returns. |
Re: Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars by naijadrivablog: 1:23pm On Aug 17, 2019 |
is lalasticlacla, marpol, dominique and co in the house? |
Re: Nigerians Spent N148 Billion In Q1 Of 2019 To Import Used Cars by sultaan(m): 3:18am On Aug 20, 2019 |
Economy is about to reach the next level. Hold on for a rough ride |
(1) (Reply)
[video] See The Clothes & Rolls-royce Cars Of Late Chief Bolu Akin-olugbade / Corolla 010 Transmission Problem / Where Can I Get Ford Car Parts
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 22 |