Economy

Nigeria Spends N6.54 Trillion on Vehicle and Auto Parts Imports in Two Years

Share
Share

Nigeria’s dependence on imported vehicles and automobile spare parts has continued to rise sharply, with the country spending an estimated N6.54 trillion on transport equipment and auto parts between 2023 and 2025.

The Director General of the National Automotive Design and Development Council, NADDC, Oluwemimo Osanipin, disclosed this during the West African Automotive Summit held in Lagos. He described the growing import bill as a serious threat to the development of Nigeria’s local automotive industry and called for urgent reforms to strengthen local production and after sales services.

According to data from the National Bureau of Statistics, Nigerians spent more than N4.3 trillion on imported vehicles within the period under review. Osanipin explained that total imports of transport equipment and spare parts rose from N3.15 trillion in 2023 to N6.54 trillion in 2025, representing an increase of 107 percent in just two years.

Speaking on the summit theme, “After Sales as a Growth Engine,” the NADDC boss stressed that the success of Nigeria’s automotive sector depends not only on vehicle sales but also on maintenance services, technical support, warranties, customer care, and availability of genuine spare parts.

He noted that countries with successful automobile industries have developed strong after sales systems that support local manufacturing, improve customer confidence, and create employment opportunities.

Osanipin added that poor after sales service discourages investment and weakens public trust in locally assembled vehicles. He urged automobile companies, dealers, and service providers to invest in customer support infrastructure and expand genuine spare parts distribution networks across the country.

He also highlighted the importance of training technicians and service personnel, especially as Nigeria gradually adopts electric and hybrid vehicle technology.

Stakeholders at the summit discussed ways to improve local content development, strengthen technical expertise, encourage better vehicle maintenance culture, and promote sustainable mobility solutions across Nigeria and West Africa.

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
EconomyWorld

European Markets Surge as Oil Retreats From $100 Mark Amid Middle East Tensions and Trump Tariff Warnings

European equity markets rallied on Friday morning as crude oil prices pulled...

EconomyWorld

American Express Raises Revenue Forecast as Affluent Spending Remains Strong Despite Market Concerns

American Express delivered a stronger than expected performance in the second quarter,...

EconomyWorld

Luxembourg Halts Israeli Bond Trading as Home Affairs Fraud Probe Deepens and Burnham Enters Downing Street

Luxembourg has signaled an end to Israeli government bond trading on European...

EconomyWorld

Cyprus Energy Minister Says Trump Engagement Critical for Western Energy Security

President Donald Trump is amplifying claims that his administration's energy policies have...