Passenger motor vehicle imports into Nigeria rebounded sharply in 2025, hitting N1.01 trillion in the first nine months — a 12.66% increase from N894.09 billion in the same period last year — as relative foreign exchange stability restored confidence among importers, according to National Bureau of Statistics (NBS) data released on Monday.

The recovery was heavily weighted toward the third quarter:

• Q1 2025: N224.58 billion (down 5.9% YoY)
• Q2 2025: N254.67 billion (down 12.8% YoY)
• Q3 2025: N527.98 billion (up 45.3% YoY, a surge of N164.56 billion)

The United States dominated as Nigeria’s top source market, accounting for 41.21% (N415.05 billion), largely used diesel vehicles above 2,500cc. South Africa followed with 4.69% (N47.27 billion), while the UAE contributed 2.62% (N26.35 billion) in Q3.

Analysts attribute the Q3 boom to the naira’s appreciation to N1,480.66/$ and improved FX liquidity from CBN interventions, oil inflows, and portfolio returns. FCSL Research described the naira’s Q3 performance as “strong and stable,” while CardinalStone projected year-end closure at N1,400–1,450/$.

Clearing agents at PTML and Apapa ports confirmed higher volumes, citing lower customs duties under the new valuation method — which factors in depreciation and mileage — alongside predictable FX rates.

The rebound signals easing economic pressures for middle-class consumers and dealers, though high landing costs continue to keep new vehicle prices elevated.