Soaring Duties and Exchange Rates Cripple Nigeria’s Used-Vehicle Market

Nigerian car dealers report a sharp fall in sales, blaming rising import duties, the exchange rate and the cost of living. Importer Paul Uche says a 2005 Toyota Corolla that sold for about 1.5 million naira three years ago now costs 8–8.5 million, while a 2010 Camry sells for 9–10 million naira. Clearing a Corolla has risen from 200,000–350,000 naira to 2.5–3.5 million, and a locally used version now costs 4.3–4.5 million. Uche says dealers can go three or four months without a sale and urges the government to review import costs as household expenses weaken buyers’ purchasing power.