Tokunbo Car Prices 2026: Imports Hit ₦1.18trn

Nigerians are buying imported cars at a pace the country has not seen in years. According to Nairametrics’ analysis of the National Bureau of Statistics (NBS) Foreign Trade Statistics for Q1 and Q2 2026, passenger motor car imports jumped 145.6% year-on-year to ₦1.18 trillion in the first half of 2026, up from ₦479.26 billion in the same period of 2025.

If you are planning to buy a tokunbo car this year, that number raises an obvious question: is the import boom pushing prices up, or will more supply and lower tariffs finally bring tokunbo cars for sale within reach? This guide breaks down what the data actually says, what it does not say, and what it means for your budget.

The Numbers: What the NBS Data Shows

Here is the headline data from the first half of 2026, per the NBS trade reports as analysed by Nairametrics:

• Passenger car imports, H1 2026: ₦1.18 trillion (vs ₦479.26 billion in H1 2025) — up 145.6%
• Q1 2026: ₦552.34 billion (vs ₦224.58 billion in Q1 2025)
• Q2 2026: ₦624.75 billion (vs ₦254.67 billion in Q2 2025)
• Total transport equipment and parts imports: ₦3.73 trillion, up 44.2% from ₦2.59 trillion
• Parts and accessories imports: ₦722.59 billion, down about 4.4% from ₦755.43 billion

Two things stand out. First, demand for complete vehicles grew quarter-on-quarter through the year, so this was not a one-month spike. Second, spare-parts imports actually fell slightly while car imports more than doubled — a detail worth watching if you care about long-term maintenance costs, which we come back to below.

An important caveat: value is not volume

The NBS figures measure the Naira value of cars imported, not the number of cars. A 145.6% rise does not mean 145.6% more cars landed at Lagos ports. Part of the increase reflects higher dollar costs converted into Naira, pricier vehicles, and the mix of models coming in. So treat the figure as a signal of strong demand and spending, not a car count.

Why Are Car Imports Surging in 2026?

Several policy changes this year have made bringing a car into Nigeria cheaper on paper, which helps explain the rush.

1. Lower import duty on cars in Nigeria

Under the 2026 Fiscal Policy Measures, the Federal Government cut the charges on imported vehicles. In a July 2026 appearance before the House of Representatives Committee on Customs and Excise, Customs Comptroller-General Adewale Adeniyi said used vehicles now attract 5% instead of 15%, while brand-new vehicles were reduced from 20% to 10%. He said implementation of the revised regime began in May 2026.

BusinessDay reported that the overall car import tariff has been lowered to about 40%, down from roughly 45% previously and from around 70% three years ago, according to Muda Yusuf of the Centre for the Promotion of Private Enterprise.

2. Duty waivers on EVs and buses

In April 2026, the government waived import duties on electric vehicles, mass transit buses and manufacturing machinery. That has opened the door for more EV and bus imports, although EVs remain a small slice of the overall market.

3. Pent-up demand

After years of high prices and FX shocks, many buyers and dealers held off on purchases. Lower tariffs appear to have encouraged some of that waiting demand back into the market, though the NBS data alone cannot show exactly why buyers returned.

So, Are Tokunbo Car Prices Coming Down?

Short answer: not by much, and not quickly. Industry voices quoted in Nigerian business press have been consistent on this point. The tariff is just one line in a long cost stack.

Oloruntoba Anate, CEO of Automat Hub, told BusinessDay that on a vehicle costing $20,000 CIF (cost, insurance and freight), the tariff cut might save a buyer roughly ₦800,000 to ₦1.2 million at best — meaningful, but nowhere near a price crash.

Car importer Ayodeji Alao added that whether buyers actually benefit depends on how much competition the cut unleashes and how fast dealers pass savings on.

What a tokunbo car really costs to land

When you pay a dealer in Lagos, Abuja or Port Harcourt, you are covering far more than duty. A typical import cost stack includes:

1. Purchase price abroad — usually from the US, Canada, Europe, the UAE or China
2. Shipping and marine insurance to a Nigerian port
3. Import duty and levies — calculated on the Customs-assigned value, not necessarily what you paid
4. VAT (7.5%) and the ECOWAS Trade Levy
5. Green tax — a 2% surcharge on vehicles with engines of 2,000cc and above, per the 2026 fiscal measures as described by Muda Yusuf
6. Terminal handling, port charges and demurrage if clearing is delayed
7. Clearing agent fees and transport from port to the dealer’s lot
8. Dealer margin — which, in Nigeria, has historically been high
9. Registration, number plates and insurance once you buy

Note that the Nigeria Customs Service uses a VIN-based valuation system to assign its own value to each vehicle. That figure — not your invoice — is what duties are calculated on, so two buyers of the “same” car can pay different amounts.

Tokunbo Car Price Ranges in Nigeria, 2026

Below are price ranges reported by BusinessDay for early 2026. These are market estimates, not fixed prices — actual figures vary by year, mileage, trim, condition, location and the dealer.

• Foreign-used Toyota Corolla (2010–2015): about ₦9.5 million to ₦15 million in 2026, up from roughly ₦4.5 million to ₦8 million in early 2023
• Brand-new sedans (e.g. Toyota Corolla): roughly ₦18 million to ₦35 million
• Brand-new SUVs: about ₦25 million to well over ₦120 million
• Popular used models overall: BusinessDay notes prices have risen from around ₦1.9 million in 2023 to ₦10 million for some popular used models in 2026, depending on brand and type

For a model-by-model breakdown of one of Nigeria’s most popular cars, see our guide to the Toyota Corolla price in Nigeria 2026.

Who Wins and Who Loses From the Import Boom

Buyers

More imports mean more choice on dealer lots and potentially sharper competition between sellers. That gives you better bargaining power — but only if you are willing to shop around and walk away from overpriced cars.

Local assemblers

Analysts quoted by BusinessDay warn that lower tariffs narrow the gap between fully built imports and locally assembled vehicles. Muda Yusuf pointed out that Completely Knocked Down (CKD) kits remain at zero duty and Semi Knocked Down (SKD) kits at about 10%, so some incentive for local assembly remains. Still, assemblers such as Innoson and others now face tougher price competition from tokunbo imports. This tension is a key reason the proposed auto industry legislation is drawing attention — read our explainer on the Auto Industry Bill 2026.

Spare-parts and maintenance

Parts and accessories imports fell about 4.4% even as car imports more than doubled. More cars on the road chasing a flat or shrinking supply of imported parts could keep repair costs high, especially for less common models. Before buying, ask whether parts for that exact model are readily available at markets like Ladipo in Lagos.

How to Buy a Tokunbo Car Smartly in 2026

1. Get the Customs papers checked. Verify the vehicle’s Customs clearance documents before paying. Unpaid duty can lead to seizure even after purchase.
2. Run a VIN history check. Look for accident, salvage and flood records. Flood-damaged imports are a growing risk — see our guide on how to spot flood-damaged cars in Nigeria.
3. Bring a trusted mechanic. Have the engine, gearbox, suspension and electricals inspected before money changes hands.
4. Prefer engines under 2,000cc if budget is tight. You avoid the 2% green surcharge at import, and smaller engines generally mean better fuel economy at today’s petrol prices.
5. Compare at least three dealers. With more stock arriving, quotes can differ widely for similar cars.
6. Factor in running costs. Insurance, registration, servicing and fuel can add up quickly. If you drive a lot, it may be worth looking at CNG conversion costs as a way to cut fuel spending.
7. Consider a car loan carefully. If you are financing, compare the total repayment, not just the monthly figure. Car loan interest rates in Nigeria remain high, so a cheaper car paid in cash may beat a pricier one on credit.

Should You Buy Now or Wait?

There is no guaranteed answer, but here is how to think about it:

• Buy now if you need a car for work, have found a well-inspected vehicle at a fair price, and your budget is ready. Waiting for a big price drop may not pay off, as experts expect only modest relief.
• Wait if you are flexible and want to see whether rising dealer competition pushes prices down over the next few months, or how exchange-rate movements affect landed costs.
• Look at alternatives if your daily costs are dominated by fuel. Locally assembled cars, CNG-ready vehicles and, for some city drivers, EVs may now be worth comparing alongside tokunbo options.

Key Takeaways

• Nigeria’s passenger car imports hit ₦1.18 trillion in H1 2026, up 145.6% year-on-year, per NBS data analysed by Nairametrics.
• The figure reflects value, not number of cars — FX and pricier models play a part.
• Import charges were cut in 2026, but experts say the saving on a typical $20,000 car is about ₦800,000–₦1.2 million at best.
• Tokunbo prices remain high because of FX, shipping, port charges, clearing and dealer margins.
• Spare-parts imports fell even as car imports rose — check parts availability before you buy.

FAQ

What is the import duty on tokunbo cars in Nigeria in 2026?

According to the Customs Comptroller-General, the rate on used vehicles was cut from 15% to 5% and on new vehicles from 20% to 10% under the 2026 fiscal policy, with the overall tariff reported at around 40%. VAT, levies, the green surcharge (for 2,000cc+) and port charges are added on top. Always confirm current rates with the Nigeria Customs Service or a licensed clearing agent.

Will tokunbo car prices fall because of the import surge?

Experts expect only modest relief. More supply and competition could help, but FX movements and clearing costs still dominate the final price.

Are electric cars cheaper to import now?

The Federal Government waived import duties on electric vehicles in April 2026. However, the purchase price, shipping and charging access still make EVs a niche choice for most Nigerian buyers.

Disclaimer: Vehicle prices, import duties and specs change frequently in Nigeria — always confirm current figures with the dealer or official source before buying.

Data in this article is attributed to the National Bureau of Statistics (via Nairametrics analysis), the Nigeria Customs Service, and reporting by BusinessDay and Legit.ng.