Nigeria spends over $4b annually importing Vehicles. This figure was revealed by the Special Adviser to the President on Economic Affairs, Tope Fasua, on Tuesday.

Infinity Tyres

Currently, Vehicles are imported into Nigeria from different parts of the world like Europe, Asia, United States etc.

Nonetheless, a majority of the vehicles imported into Nigeria are used Vehicles, though the figures of vehicles imports has dropped in recent times.

Fasua, a leading economist and chief executive officer of Global Analytics Consulting, spoke at an economic policy event organised by the Abuja Chamber of Commerce and Industry, with the theme, ‘Unification of foreign exchange and the effect of fuel subsidy removal on the business community’.

The event presented an opportunity for stakeholders and agencies from various sectors to discuss the potential impact, challenges, and opportunities in the unification of forex and subsidy removal, according to the Director of Policy Advocacy Centre, ACCI, Chidiebere Owumere.

According to Fasua,  “if you look at Nigeria’s import and export profile, over 20 items that we import in Nigeria are in the billions of dollar range. Our biggest import, of course, till today, except maybe Dangote kicks in, is fuel including petrol, diesel, etc, which takes about $25bn to $30bn every year.

“Then we have things like cars, which is about $4bn every year; sugar, about $1bn; fish, $1bn; milk, $1bn; wheat, $4bn; chemicals, $3bn; pharmaceuticals, $2bn; and I could continue to reel it down for you.”