Nigeria's Vehicle Imports Jump 146% to ₦1.18tn in H1 2026

In the first half of 2026, Nigeria's imports of passenger motor vehicles increased by 145.6% year-on-year, reaching ₦1.18 trillion, up from ₦479.26 billion in the same period of 2025. The National Bureau of Statistics (NBS) reported that the overall transport equipment import bill soared to ₦3.73 trillion, a 44.2% rise from ₦2.59 trillion in H1 2025.

Passenger vehicle imports rose from ₦552.34 billion in Q1 2026 to ₦624.75 billion in Q2 2026, compared to ₦224.58 billion and ₦254.67 billion in Q1 and Q2 of 2025, respectively. The increase was driven mainly by complete passenger vehicles and industrial transport equipment, while imports of vehicle parts and accessories fell by 4.4% to ₦722.59 billion.

Federal initiatives, including waiving import duties on electric vehicles and promoting compressed natural gas vehicles, aim to reduce transportation costs and stimulate investment, with the Presidential Compressed Natural Gas Initiative established in 2023.