Nigeria spent a total of N601.51 billion on the importation of motor vehicles in the first half of the year, a report by the National Bureau of Statistics (NBS) has revealed.
The report disclosed that the figure represents a 15% increase compared to N523.57 billion recorded in the same period in 2020.
Further breakdown of the report showed that the imports of passenger cars under the period in review stood at N311.63 billion, representing a 14.03% increase from the corresponding period in 2020.
The report also revealed that Nigeria imported used vehicles, otherwise known as “Tokunbo” worth N172.1 billion in the second quarter of 2021.
Over the past three years, Nigeria has steadily increased its import of vehicles by 195% from N371.98 billion in 2018 to N1.09 trillion in 2020. This could be as a result of an increase in cab-hailing services and technologies, like Bolt, Taxify and Uber.