Price of imported 'Tokunbo' cars increase by 100% as Customs hike import duties
The price of second-hand cars also known as ‘Tokunbo’ vehicles have shot up by 100% following the import tariff increase by the Nigerian customs.
Price of imported 'Tokunbo' cars increase by 100% as Customs hike import duties (Credit: Courtesy)
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![Nigerian cement manufacturers believe the rising price of the commodity won't come down if the government fails to address the chains of monopoly in the sector. [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Nigerian cement manufacturers believe the rising price of the commodity won't come down if the government fails to address the chains of monopoly in the sector. [Reuters]")
Nigerians currently looking to purchase some of these imported cars have been shocked to learn about the sharp spike in prices across some car shops.
Different checks across most of the car shops revealed that the car of choice in Nigeria, most of which are from the Toyota brand have all added about a million naira higher than the former prices.
According to some of the car dealers interviewed by The Punch, Toyota Corolla models produced between 2005-2007 were sold between ₦1.9 million and ₦2 million in 2021. The same Toyota models are now sold between ₦3.8 million and ₦4 million.
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A 2004 Model Honda Accord sedan was sold for between ₦1.4 million and ₦1.6 million in 2021 while the price of the 2008 model of the same brand was ₦2 million.
The same 2004/2005 model of Honda Accord currently goes for between ₦2.9 million and ₦3.2 million while the 2008 model currently costs between ₦3.2 million and ₦3.9 million.
According to the National Bureau of Statistics, NBS, the number of ‘Tokunbo’ cars imported into Nigeria in the first half of 2022 dropped by ₦177.2 billion. A report by TheCable also shows Nigerians spent ₦346.2 billion on the importation of ‘Tokunbo’ cars in 2021.
During the same review period in 2022, the value of imported cars dropped by 51.2% to ₦169 billion. Most car dealers blamed the increased Customs duty charges and high exchange rates for the high cost of ‘Tokunbo’ cars.
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