Nigerians to pay more for imported cars from June 1

One of the biggest vehicle terminals in Nigeria released via a statement that Nigerians would start paying significantly more for imported vehicles from June 1. The circular read;

"PTML would like to bring to the notice of it's esteemed customers that the dramatic surge in inflation in 2020 and 2021, as well as the ever-increasing operational expenses incurred because of the particularly challenging port operational environment, which has had a huge impact on the company's direct cost. PTML tariff has not been adjusted for some years now, and it has become impossible for the terminal to provide the same level of service as the current prices.

Nigeria recorded the sum of N1.28tr as a value of fairly used vehicles popularly known as Tokunbo and motorcycles imported in one year (Q3 2019 - Q2 2020), showing an increase of 42% compared to the N899bn recorded in the corresponding period of (Q3 2018 - Q2 2019).

Despite the revised import duty tariff for transport vehicles, which was announced by the government in January, vehicle dealers are still faced with poor customer patronage due to the poor economic situation of Nigeria.


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