By Idriss LAWAL
A survey conducted by Newsafricng.com, following yesterday’s announcement of import levy from 15 percent to 5 percent on used vehicles, has generated good vibes from Nigerians from all walks of life.
The Federal Government reduced the import levy on both new and used vehicles as part of its 2026 Fiscal Policy Measures, a move aimed at lowering the cost of vehicle importation, easing the burden on importers, and improving access to vehicles for consumers.
The new fiscal measures, which took effect on July 1, 2026, form part of a broader review of Nigeria’s import tariff structure and customs regime designed to stimulate economic activity and support trade.
Under the revised policy, the import levy on new vehicles has been reduced from 20% to 10%, while the levy on used vehicles has been cut from 15% to 5% percent.
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A car dealer in Berger, Lagos, Rueben, said it is a welcome development for dealers. “In recent time we have experience reduction in the price of cars due to the forex that is going down. Now that the government has even gone further to reduce the import levy, it will still come down. It means more sales for us.”
An accountant, Banji, said it means more Nigerians will be able to afford cars, even if they are used ones from abroad. This is because the price of a car has been beyond the reach of average Nigerians. I like the idea.”
A mechanic, Isiaka, said it is also a development that will allow artisans to improve their finances. Some of us used to import cars and sell to augment our incomes. But, since the prices of cars went up, we couldn’t do that again. I believe it will also bring down the price of car parts.”
