In Nigeria, owning a car is regarded as a luxury that is often out of reach for the average citizen. The cost of new cars is exorbitant, and the local
automotive industry is unable to meet the demand. As a result, buyers increasingly turn to imported and used vehicles — known locally as ‘tokunbo’, which loosely means ‘from overseas’ in the Yoruba language.
John Kalu, a car importer in Apapa port, said the prevailing economic situation is rendering the business largely unprofitable, adding that vehicle importers have been struggling in the past few years.Kalu said the high level of volatility in the foreign exchange market “has grossly affected” imports — in spite of the NBS data.
Another stakeholder identified as Chuks said some of his colleagues sold cars at lower prices to enable them to clear their cargoes at the port due to the changes in FX rate. “What we expect people to do is to be genuine and declare their vehicle according to what they bought. If you reduce the value of the vehicle, definitely you are going to reduce the revenue that will be collected for the government.”On his part, Jonathan Nicol, president of the Shippers Association of Nigeria, Lagos chapter, said the unification of the FX windows and the floating of the naira by the federal government is making it difficult for importers and exporters to operate.
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