Nigeria’s vehicle import market has witnessed a dramatic surge in the first half of 2025, with the number of cars entering the country nearly doubling compared to the same period in 2024. Industry stakeholders point to a combination of foreign exchange stability and reforms by the Central Bank of Nigeria (CBN) as the main drivers of this boom.
Fresh data obtained from two of the busiest car import terminals, Ports & Terminal Multipurpose Limited (PTML) and Five Star Logistics Terminal, as well as confirmations from customs agents, revealed the sharp growth.
At PTML, officials confirmed that activity at the port has picked up considerably. According to a source, who spoke on condition of anonymity due to a lack of authorisation, “Over 40 vessels called at PTML in 2024, but in just half of 2025, we have already received more than 50 ships. This reflects the growing momentum in car importation.”
The same official noted that in the first half of 2024, about 18,000 vehicles – both new and fairly used (Tokunbo) cars – were imported through PTML. This year, however, more than 34,000 units have already been received.
“Unlike before, the exchange rate is now more predictable. Importers can plan ahead, inflation is slowing, and businesses are finding room to expand. This has encouraged more vehicle importation compared to the uncertainty that plagued the market in 2023 and 2024.”
The source
The trend is similar at Five Star Logistics Terminal. A terminal official confirmed that imports have already surpassed last year’s total volume.
“In 2024, throughput was around 32,000 units. But by July 2025, we had already crossed 37,000 units. If this trend continues, the year could end with more than double last year’s total imports.“The stability of the naira-dollar rate has been key. When the exchange rate fluctuates, it disrupts trade. Now that the naira is more stable, importers are confident enough to make long-term importation plans.”
The source
Customs Reforms Drive Import Surge
The sharp increase comes in the wake of CBN interventions aimed at improving liquidity in the forex market. The apex bank recently injected $50 million into the system and attracted higher foreign portfolio inflows through Open Market Operations. Analysts argue that the stronger naira and increased forex supply have restored confidence to businesses, helping importers forecast costs more accurately, secure financing, and expand operations.
Stakeholders in the industry also corroborated the surge in vehicle importation. The PTML Chapter Chairman of the National Association of Government Approved Freight Forwarders, Mr. Thomas Alor, confirmed the sharp rise.
“There is a clear rise in vehicle importation this year compared to last year. While I cannot give an exact percentage, the volume of vehicles arriving at the ports has significantly grown.”
Mr. Thomas Alor
Similarly, the Apapa Chapter Chairman of the National Council of Managing Directors of Licensed Customs Agents, Mr. Abayomi Duyile, pointed to changes in customs duty assessments as a contributing factor.
“Last year, car clearance was slowed because duties were extremely high. The imputed values in the Customs system inflated costs. But with the introduction of the 846 valuation method, duties were reviewed downward. This has provided some relief for importers.”
Mr. Abayomi Duyile
He added that customs now account for depreciation, mileage, and wear-and-tear when valuing used vehicles, making assessments more realistic.
“A car valued at $5,000 last year would not be assessed at the same rate in 2025. This downward review has boosted clearance and encouraged more imports.”
Mr. Abayomi Duyile
With foreign exchange stability and policy adjustments working in tandem, industry insiders predict that Nigeria’s vehicle import market is set to post record-breaking numbers by the end of 2025.
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