UPDATE: Prices of Imported Cars to Increase By 60% in Nigeria

The Federal Government has released the details of new duties and levies payable on imported new and used cars as well as imported new tyres from next year, raising the tariff from 20 per cent to 70 per cent. Already, dealers of imported vehicles has estimated that the new rate would translate into an increase of 60 per cent on imported cars.

In other words, prices of imported cars currently being sold between N3m and N5m will shoot up to N4.8m and N8m; while tokunbo vehicles selling for N800,000 will rise to N1.28m.