The Nigerian-used car market is experiencing a significant boom as soaring living costs, high exchange rates, and rising import tariffs make foreign-used cars unaffordable for many Nigerians. According to car dealers, the prices of foreign-used vehicles have doubled or even tripled in the past year due to the depreciating naira and heavy import charges. This has led to a sharp increase in vehicle listings by private owners on online marketplaces, social media platforms, and roadside car lots.
A dealer in Nigerian and foreign used vehicles, Nurudeen Amodu, lamented the rising cost of automobiles in the country, saying the situation had reversed the old practice of Nigerian dealers traveling to Cotonou and other neighboring countries to buy cars. He gave examples of price jumps in recent years, including foreign used Toyota (2003-2006) models that sold for about N1.5m now costing between N8m and N10m. The Honda CR-V (2010) rose from N5m to N13m, the Lexus RX330 from N5m to N15m, and the Toyota Venza from N6m to nearly N20m.
The demand for Nigerian-used cars is not limited to locals. Car dealers in Sokoto reported an influx of buyers from neighboring Niger Republic, who are taking advantage of the relative strength of their currency against the Nigerian naira. A car dealer operating along Maiduguri Road in Sokoto, Haruna Abubakar, said the number of customers from Niger Republic had surpassed local patronage in recent times. They often buy popular models like Toyota Corolla, Camry, and Sienns.
The Association of Motor Dealers of Nigeria has urged the federal and state governments to increase their support for locally assembled cars as a sustainable alternative. The national president of the association, Ajibola Adedoyin, argued that strengthening local automobile production would not only reduce dependence on costly imports but also create jobs and stabilize vehicle prices in the long term. Adedoyin disclosed that the association was planning to engage car manufacturers in Nigeria to produce affordable cars for average Nigerians.
The Nigerian-used car market is booming as import costs soar, making foreign-used cars unaffordable for many Nigerians. The demand for locally used cars is on the rise, and car dealers are exploring new opportunities to meet the demand. The Association of Motor Dealers of Nigeria has called for increased support for locally assembled cars, which could provide a sustainable solution to the country’s automotive needs.
