Despite Economic Turmoil, Nigeria Imports 34,000 Vehicles In H1

Nigeria imported more than 34,000 cars in 2025, up from over 18,000 in the first half of 2024, despite economic difficulties.

Similarly, Five Star Logistics Terminal confirmed over 37,000 imported vehicles by July 2025, surpassing its full-year total for 2024.

According to the West Africa Automotive Show (WAAS), Nigeria’s automobile import business experienced a notable upturn in the first half of 2025, with vehicle imports almost doubling from the same time the previous year.

WAAS claims that the increase is due to a resurgence in business confidence brought about by Central Bank reforms, foreign exchange stability, and updated customs valuation regulations, which have reduced the cost and increased the predictability of vehicle clearance.

Exclusive data from two of the country’s busiest terminals showed that total vehicle imports rose by almost 100 per cent between January and June 2025.

Industry officials attribute this rapid growth to stabilising the naira-dollar exchange rate, which has enabled importers to plan and trade confidently. The naira’s recent appreciation of N1,500 per US dollar has further strengthened purchasing power and predictability for importers.

Stakeholders also credit recent changes in customs duty assessments, including the adoption of the 846 valuation method. This method now accounts for vehicle depreciation, mileage, and condition when determining import duties. This has made the process fairer and reduced the overall cost of vehicle clearance.

The surge in vehicle imports and growing trade confidence underscores the vital role of the West Africa Automotive Show (WAAS) as the region’s leading platform for automotive trade and innovation.