Vehicle imports in Nigeria have doubled in 2025, driven by naira stability, lower customs duties, and renewed trade confidence at key Lagos terminals

Vehicle Imports in Nigeria have surged dramatically in the first half of 2025, with figures nearly doubling compared to the same period last year — a development attributed to naira stabilisation and foreign exchange reforms by the Central Bank of Nigeria (CBN).

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Exclusive port data from Ports & Terminal Multipurpose Limited (PTML) and Five Star Logistics Terminal, Nigeria’s major car-import hubs, confirms the upsurge.

PTML alone has received over 50 vessels in just six months — surpassing the 40 received in all of 2024 — with over 34,000 vehicles imported, compared to 18,000 last year.

A PTML official, speaking on condition of anonymity, credited the increase to foreign exchange predictability, saying: “The naira is now more stable. Importers can plan long-term, which wasn’t the case last year when volatility halted major decisions.”

At Five Star Logistics Terminal, vehicle throughput has already exceeded 2024’s full-year tally, with over 37,000 vehicles imported by July.

With the trend continuing, projections suggest Nigeria may double 2024’s import figures by the end of 2025.

The surge coincides with CBN interventions in the forex market, including a recent $50m liquidity injection.

As a result, the naira appreciated to ₦1,500.91/$, its best performance in months, further boosting importer confidence.

Industry stakeholders confirm the upward trend. Thomas Alor, PTML Chapter Chairman of the National Association of Government Approved Freight Forwarders, noted a “clear rise” in vehicle traffic.

Meanwhile, Abayomi Duyile, Apapa Chapter Chairman of the National Council of Managing Directors of Licensed Customs Agents, credited the boom to reforms in customs valuation methods, particularly the implementation of the 846 system, which lowered duties by recognising depreciation and mileage.

Duyile explained: “In 2024, vehicle clearance was strangled by inflated duties.

Now, a $5,000 car won’t attract the same tariff. Importers are returning because the system is fairer.”

Another key voice, Riwane Amuni of the Association of Nigerian Licensed Customs Agents, confirmed the trend at Tincan Island Port, saying the numbers from PTML and Five Star are “undeniable.”

Analysts see this as a powerful turnaround in the sector, with wider economic implications.

More imports mean expanded vehicle supply, potential price stabilisation, and higher port revenues. However, experts warn that sustaining momentum will require continued policy consistency and structural reform.

Economist Bola Ajayi noted: “Forex stability is a necessary condition, not a permanent solution. Nigeria must diversify its forex sources — especially through non-oil exports — to lock in these gains.”

As it stands, 2025 could mark Nigeria’s strongest year for vehicle imports in over a decade, underpinned by growing trade confidence. What was a stagnant market just a year ago is now seeing renewed optimism.

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As one freight forwarder put it:

“When businesses can predict tomorrow, they can plan today. That is why we are seeing this surge. The stability is giving us hope, and the numbers at the ports prove it.”