Business
Nigerians Import 44,717 Vehicles In 6 Months
A total of about 44,717 new and fairly – used vehicles valued at N57 billion was imported into the country between January and June this year.
Investigations revealed that more of fairly used vehicles popularly called Tokumboh came in which accounted for about 24,063 units as new vehicles were about 8,481 units while other categories which status as used or new could not be ascertained accounted for 12,173 units.
The vehicles came in through the Tin-Can port, the hub port for the importation of vehicles in Nigeria. Stakeholders in the vehicle importation business told The Tide in Port Harcourt, that the average shelf price of a used vehicle is about N1.5 million, while an average new car costs about N3 million.
At a conservative an average unit cost of about N1.5 million, it is estimated that about N57 billion may have been expended on assorted vehicles ranging from cars to suvs and four wheel drives.
For reasons that may be connected to electioneering campaigns according to our investigation, indicates that the highest volume of imported vehicles with a total number of 12,493 units. Out of these, fairly used accounted for 8,290 units, the new vehicles stood with a total of 4,003, while the unclassified brands stood at 200 units.
However, in the month of May, there was a little drop, with a total of 10,197 units of vehicles imported into the country through Tin-Can port, 3,193 units were Tokunboh vehicles, new vehicles were 807, while the unclassified stood at 6,197 units.
Importation for March stood at a total of 7,047 units, fairly used accounted for 2,713 units out of the lot while new vehicles stood at a total of 2,714 and unclassified was 1,620 units.
There is the indication that the confusion which followed governments later 2010 policy on importation of used vehicles accounted for the lull which was experienced in January 2011.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.