Foreign trade statistics from the National Bureau of Statistics (NBS) have shown that Nigeria’s importation of passenger motor cars rebounded strongly in 2025 as relative stability in the foreign exchange market eased pressure on dealers and buyers.

Data from the NBS showed that the value of passenger motor car imports rose to N1.01 trillion in the first nine months of 2025, compared with N894.09 billion recorded in the corresponding period of 2024.

This represents an increase of N113.15 billion or 12.66 per cent year-on-year, signalling a clear turnaround after months of weak demand driven by currency volatility and rising landing costs. A closer examination of the quarterly figures shows that the recovery gathered momentum only in the second half of the year.

In the first quarter of 2025, passenger motor car imports were valued at N224.58 billion, down from N238.73 billion in the same period of 2024. This reflected a decline of N14.15 billion or about 5.9 per cent, indicating that importers were still grappling with the impact of earlier exchange rate instability.

The second quarter followed a similar trajectory. Imports stood at N254.67 billion between April and June 2025, compared with N291.93 billion in the corresponding quarter of 2024. The difference of N37.26 billion translated to a contraction of roughly 12.8 per cent, suggesting that caution persisted despite gradual improvements in FX liquidity.

The trend reversed sharply in the third quarter. Between July and September 2025, the value of passenger motor car imports jumped to N527.98 billion from N363.42 billion in the same period of the previous year.

This represented an increase of N164.56 billion or about 45.3 per cent, more than offsetting the declines recorded in the first half of the year and driving the overall nine-month growth.

In the first quarter of 2025, imports of used vehicles with diesel or semi-diesel engines and a cylinder capacity above 2,500cc from the United States were valued at N93.51 billion, making the US Nigeria’s largest source of passenger vehicles in that period.

South Africa followed with N25.84 billion worth of vehicles for goods transport, while imports from Angola and Liberia were marginal.

In the second quarter, imports from the United States remained elevated at N99.18 billion, while South Africa accounted for N21.43 billion.

Liberia and Equatorial Guinea contributed smaller values, reflecting limited volumes in those categories.

The surge became more pronounced in the third quarter. Used diesel vehicles above 2,500cc imported from the United States alone were valued at N184.21 billion, nearly double the level recorded in the first quarter.

Additional imports included N38.15 billion worth of used vehicles with engine capacity between 1,500cc and 2,500cc from the US market.

The United Arab Emirates also emerged as a key source, with imports valued at N13.67 billion, alongside N12.68 billion worth of petrol-engine vehicles imported in completely knocked-down form.

South Africa followed at a distant level, with total imports valued at N47.27 billion, representing 4.69 per cent of total imports for the period.

The UAE featured prominently in the third quarter, with imports totalling about N26.35 billion, representing 2.62 per cent of the nine-month import value.

Overall, the data showed that while passenger motor car imports in the first half of 2025 were N51.41 billion lower than the same period of 2024, the third quarter alone exceeded its 2024 equivalent by N164.56 billion. This swing explains why the nine-month import value closed higher by more than N113 billion.

Moreover, analysts said the figures reflect renewed confidence among importers as exchange rate volatility eased and access to foreign exchange improved, even though vehicle prices remain high.

The rebound in vehicle imports was consistent with developments in the foreign exchange market in the third quarter of 2025.