Nigeria’s importation of passenger motor cars recorded a strong rebound in 2025, reaching N1.01 trillion within the first nine months of the year, according to foreign trade data released by the National Bureau of Statistics (NBS)
The data showed that vehicle imports increased from N894.09 billion in the same period of 2024 to N1.01 trillion in 2025, representing a year-on-year rise of N113.15 billion, or 12.66 per cent. The recovery marks a turnaround after prolonged weakness caused by foreign exchange volatility and rising landing costs.
However, a closer look at the quarterly figures indicates that the rebound only gained momentum in the second half of the year.
In the first quarter of 2025, passenger motor car imports stood at N224.58 billion, down from N238.73 billion recorded in the corresponding period of 2024. This decline of about 5.9 per cent reflected lingering pressure from earlier FX instability.
The trend persisted into the second quarter, with imports valued at N254.67 billion, compared with N291.93 billion in the same quarter of 2024. The shortfall of N37.26 billion, or 12.8 per cent, suggested continued caution among importers despite improving FX liquidity.
A sharp reversal occurred in the third quarter, when imports surged to N527.98 billion, up from N363.42 billion in the same period of the previous year. This increase of 45.3 per cent, equivalent to N164.56 billion, more than offset the earlier declines and drove overall growth for the nine-month period.
Country-level data highlights the scale of the rebound. In the first quarter, imports of used diesel and semi-diesel vehicles above 2,500cc from the United States were valued at N93.51 billion, making the US Nigeria’s largest source of passenger vehicles. South Africa followed distantly.
The trend intensified in the third quarter, with US-sourced used vehicles above 2,500cc alone valued at N184.21 billion. Overall, vehicles imported from the United States were worth approximately N415.05 billion, accounting for 41.21 per cent of Nigeria’s total passenger car imports during the period.
Despite weaker performance in the first half, the third-quarter surge ensured that total imports closed higher, underscoring renewed confidence driven by relative FX stability.
Punch
#NigeriaEconomy #CarImports #NBSData #AutoMarket #BusinessNews #FXStability #TradeUpdate #NigeriaNews