Tokunbo Imports Almost Double
Nigeria imported used vehicles (popularly known as Tokunbo) valued at $526 million (N161 billion) in 2018, as against $284 million (N87 billion) worth of vehicles in 2017. According to the U.S Department of Commerce, Nigeria imported 82,180 units of vehicles from the U.S in 2018, as against 48,899 units in 2017. This means that the numbers of vehicle imported into Nigeria grew by 68% year-on-year 2018.
Data further show that between 2014 and 2018, the total value of used vehicle import from the U.S amounted to $189 billion. However, in 2014, Nigeria recorded $633 million, which fell to $272.7 million in 2015. Since 2015, the total amount of money spent on the importation of vehicles rose significantly. For instance, with $526 million (N161 billion) in 2018, it represents an all high import vale since 2015.
The total value spent by Nigeria on vehicles’ importation shows that the country is the third highest importer of used Vehicles from the U.S. However, the United Arab Emirate (UAE) ranks first as the highest importer of used vehicles from the U.S with $776 million in 2018, followed by China with a total of $556 million worth of used vehicle import from the U.S. In total, the U.S generated $13.7 billion from the export of used vehicles in 2018.
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Source: Nairamet, March 2019