Dealers Release Fresh Prices for Tokunbo Cars as Imports Surge to N1.18 Trillion in 2026
- Nigeria’s passenger car import bill surged 145.6% to ₦1.18 trillion in H1 2026, intensifying pressure on tokunbo prices
- Transport equipment imports climbed 44.2% to ₦3.73 trillion, driven mainly by complete vehicles and industrial transport equipment
- Government incentives for CNG and electric vehicles seek to reduce transport costs as Nigeria’s appetite for imported cars grows
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s used car market is facing fresh price pressure as passenger motor car imports jumped 145.6% year-on-year to ₦1.18 trillion in the first half of 2026.
The increase highlights strong demand for vehicles despite rising living costs and the challenges of bringing cars into the country.
Source: Getty Images
It also raises questions about what Nigerians should expect to pay for tokunbo cars as dealers adjust their prices.
The figures were contained in Nairametrics’ analysis of the first and second-quarter 2026 Foreign Trade Statistics reports released by the National Bureau of Statistics (NBS).
Car imports more than double in one year
The value of passenger motor car imports rose from ₦479.26 billion in the first half of 2025 to ₦1.18 trillion in the corresponding period of 2026.
Quarterly figures showed that imports increased from ₦552.34 billion in Q1 to ₦624.75 billion in Q2. In the same quarters of 2025, the values stood at ₦224.58 billion and ₦254.67 billion, respectively.
The figures suggest that demand for imported passenger vehicles remained strong through the first six months of the year.
However, the NBS data measures the value of imported vehicles, not the number of cars brought into Nigeria. The increase therefore does not necessarily mean that the number of vehicles imported rose by 145.6%.
Transport import bill climbs to ₦3.73 trillion
Nigeria’s total transport equipment and parts imports reached ₦3.73 trillion in H1 2026, representing a 44.2% increase from ₦2.59 trillion recorded in H1 2025.
Other transport equipment accounted for ₦1.83 trillion, up from ₦1.36 trillion in the previous year.
Industrial transport equipment recorded the strongest increase within the category, rising from ₦975.18 billion to ₦1.39 trillion. Non-industrial transport equipment increased from ₦380.96 billion to ₦440.73 billion.
Meanwhile, imports of parts and accessories declined by about 4.4% to ₦722.59 billion from ₦755.43 billion.
This indicates that the growth in Nigeria’s transport import bill was largely driven by complete vehicles and other transport equipment rather than spare parts.
What this means for tokunbo car buyers
The surge in import values could influence the cost of imported used cars, depending on exchange rates, shipping expenses, customs charges, vehicle condition and dealer margins.
While the data does not establish a nationwide tokunbo price increase or provide a fresh price list for specific car models, higher import values may add to the pressure faced by buyers and dealers.
The impact on individual vehicles will depend on the cost of sourcing and clearing each car.
Government pushes alternative-fuel vehicles
The rise in vehicle imports comes amid Federal Government measures aimed at reducing transportation costs and encouraging alternative-fuel adoption.
In April, the government waived import duties on electric vehicles, mass transit buses and manufacturing machinery.
Source: Getty Images
In August, President Bola Tinubu announced that state governors had agreed to leverage compressed natural gas (CNG) and electric vehicles to reduce transport fares nationwide from October 1, 2026.
The Presidential CNG Initiative, launched in 2023 following petrol subsidy removal, is also intended to promote cheaper and cleaner transportation alternatives.
Nigeria’s growing appetite for imported cars
The higher passenger vehicle import bill shows continued demand for cars and Nigeria’s dependence on imported transport equipment.
Nairametrics previously reported that the CNG sector had attracted more than $2 billion in private-sector investment over two years. However, the government fell short of its 2025 targets for nationwide CNG infrastructure.
10 things to know before buying used cars
Legit.ng previously reported that whether you are interested in buying a Nigerian-used car or a foreign-used vehicle, commonly called Tokunbo, it is important to look beyond the price tag and bodywork before money exchanges hands.
There are 10 important things to check before buying a used car in Nigeria.
Source: Legit.ng
