Soaring Prices Push Nigerians to Ditch 'Tokunbo' Cars for Local Alternatives, New Rates Emerge

Rising prices in Nigeria are leading people to abandon imported "Tokunbo" cars in favor of local alternatives. Economic pressures, including a depreciating currency and high living costs, have made imported cars a luxury many can no longer afford.

This shift is reshaping the Nigerian auto market, with a surprising new group of buyers emerging. Popular models like the Toyota Camry and Honda have seen prices skyrocket, with some vehicles now costing up to N13 million.

The heavy import duty and new FOB levy imposed by the Nigeria Customs Service have further exacerbated the situation, making imported vehicles almost unattainable for the average Nigerian. As a result, local vehicles are experiencing a surge in popularity, with car dealers focusing on the domestic market.

This economic shift has also impacted regional trade, with neighboring countries like Niger now buying cars from Nigeria due to better pricing. The Association of Motor Dealers in Nigeria is working to develop a robust local industry to provide sustainable solutions amidst the economic challenges.