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In the last four years, the amount spent by Nigeria, Africa’s largest economy, on importation of used vehicles, popularly known as ‘Tokunbo’, has risen by 983.3% to a total sum of over N1.7 trillion.
This comes as the federal government mulls more imports as it concludes a 35% duty cut to 4% for vehicles import into the country, thereby jeopardizing huge investments in local assembly plants.
The amount, which is according to data obtained from various foreign trade report ((2017-2020) released by the National Bureau of Statistics (NBS), also shows that a major chunk of Nigeria’s foreign exchange (fx) has been dedicated to buying used vehicles, with the item ranking an average of third on the value of all imported items within the period.