Nigeria’s auto import sector is witnessing an unprecedented boom as recent foreign exchange (FX) stability continues to reshape trade dynamics.
Industry reports show that FX stability has sparked a 90% jump in auto imports within the first half of 2025, marking one of the strongest rebounds in the country’s automotive market in recent years.
Exclusive figures from Nigeria’s leading vehicle import terminals—Ports & Terminal Multipurpose Limited (PTML) and Five Star Logistics Terminal—reveal a dramatic surge in shipments.
At PTML, over 34,000 vehicles, including brand-new and fairly used cars, were imported between January and June 2025, compared to about 18,000 during the same period in 2024.
“This represents nearly a 90% increase,” a PTML official disclosed.
“Over 40 vessels berthed here last year, but in just six months of 2025, more than 50 vessels have already called. FX stability has sparked a jump in auto imports, and the numbers prove it.”
At Five Star Logistics Terminal, the momentum has been similar. In 2024, the facility handled about 32,000 vehicles in total.
By mid-2025, imports had already surpassed 37,000 units, signaling that the yearly figure could more than double if the trend continues.
Industry insiders attribute this spike directly to reforms in the foreign exchange market.
For years, erratic fluctuations in the naira-dollar rate discouraged large-scale trade.
Importers struggled with unpredictable costs, forcing many to delay or scale back transactions.
“FX stability sparks a new level of confidence among traders,” explained a source at Five Star Logistics.
“When exchange rates are predictable, businesses can project costs and secure financing more easily. That’s exactly what is driving this surge in auto imports.”
The Central Bank of Nigeria (CBN) recently implemented policy measures to inject liquidity and strengthen the naira, including $50 million market interventions and increased foreign portfolio inflows through Open Market Operations.
These moves pushed the naira closer to stability, appreciating to N1,500.91/$ in September after trading below N1,500 for consecutive days.
Analysts believe the strengthened naira has been a game-changer, allowing importers to plan ahead without fear of sudden currency depreciation.
Freight forwarders also credit recent adjustments in customs duty assessment for encouraging more auto imports.
The adoption of the 846 valuation method has significantly eased the burden of high clearance costs.
“Last year, vehicle clearance was slowed down by inflated duty rates,” said Mr Abayomi Duyile, Chairman of the National Council of Managing Directors of Licensed Customs Agents, Apapa Chapter.
“With the new valuation method, customs now factor in depreciation and mileage, making duties more realistic. This has encouraged importers to bring in more vehicles.”
Similarly, Mr Thomas Alor of the National Association of Government Approved Freight Forwarders (NAGAFF), PTML Chapter, confirmed that FX stability sparks stronger activity at the ports.
“The volume of imports this year has been significantly higher than last year. Importers are more active, and you can see the difference in the yards.”
The influx of vehicles into Nigeria has far-reaching implications for consumers and the broader economy.
With FX stability sparking a 90% jump in auto imports, market supply is expected to expand, creating more options for buyers and potentially reducing prices.
Mr Riwane Amuni, National Protocol Officer of the Association of Nigerian Licensed Customs Agents, noted:
“Vehicle imports are clearly on the rise. As more cars flood the market, competition among dealers will increase, and this could help stabilise car prices for ordinary Nigerians.”
Beyond consumer benefits, the rise in imports signals renewed optimism in Nigeria’s economy.
Industry experts argue that the sector’s rebound could create thousands of jobs across shipping, logistics, and dealership networks.
Despite the upbeat trend, stakeholders warn that sustaining this growth depends on maintaining FX stability and implementing deeper reforms.
Global crude oil volatility, inflationary pressures, and Nigeria’s overreliance on imports could threaten the momentum.
Economists stress that the government must expand non-oil exports to provide a sustainable source of forex inflows.
“FX stability sparks investor confidence, but to preserve it, Nigeria must diversify. Otherwise, external shocks could quickly reverse these gains,” said one analyst.
If the trajectory holds, Nigeria could record one of its highest vehicle import volumes in recent history by year-end.
Some projections suggest a 100% year-on-year increase in imports by December, solidifying Nigeria’s role as West Africa’s largest auto market.
For now, the consensus among importers, freight agents, and terminal operators is clear:
FX stability sparks a transformative rebound in auto imports, turning a struggling sector into one of the fastest-growing segments of Nigeria’s trade.
As one freight forwarder aptly put it, “When businesses can predict tomorrow, they can plan today.
The FX stability has given us that predictability, and the numbers at the ports speak for themselves.”
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