If you have been shopping for a tokunbo car this year, you have probably heard that car imports are “booming”. The headline number is striking: passenger car imports hit about ₦1.18 trillion in the first half of 2026, up roughly 145.6% from the same period of 2025, according to an analysis of National Bureau of Statistics (NBS) foreign trade data by Nairametrics. But what does that really mean for the price of a Toyota Camry or Honda Accord at Ladipo or Berger? This guide breaks down the numbers, the April tariff cut, and what you should actually budget for.
What the ₦1.18 trillion figure says
Per the Nairametrics analysis of NBS Q1 and Q2 2026 trade reports, passenger motor car imports were valued at ₦552.34 billion in the first quarter and ₦624.75 billion in the second quarter. That compares with ₦224.58 billion and ₦254.67 billion in the same quarters of 2025, and about ₦479.26 billion for the whole of H1 2025.
- Q1 2026: ₦552.34 billion (Q1 2025: ₦224.58 billion)
- Q2 2026: ₦624.75 billion (Q2 2025: ₦254.67 billion)
- H1 2026 total: about ₦1.18 trillion, up 145.6% year on year
An important caveat: these figures measure the value of imports in Naira, not the number of cars. A weaker Naira, higher vehicle values and a different mix of models can all inflate the total without a matching jump in the number of vehicles. The reporting itself notes that the data does not establish a nationwide rise in tokunbo prices or provide a price list for specific models.
Wider transport imports
The same data shows transport equipment and parts imports at about ₦3.73 trillion in H1 2026, up 44.2% from ₦2.59 trillion a year earlier. Parts and accessories, however, fell about 4.4% to ₦722.59 billion. For buyers, that is a hint worth noting: more complete vehicles are arriving, but spare-parts inflows have not grown with them, so check parts availability for any model you buy.
The April 2026 tariff cut: will tokunbo cars get cheaper?
On 1 April 2026, Finance Minister Wale Edun signed off on the 2026 Fiscal Policy Measures. Among them, the tariff on fully built passenger vehicles (sedans, SUVs and station wagons) fell from 70% to 40%, as explained by DUBAWA. Importers who opened their Form M before 1 April got a 90-day grace period.
Before you celebrate, consider the fine print:
- A tariff is only one component of what you pay. Insurance, the NAC levy, VAT, surcharges, shipping, terminal handling and clearing agent fees all sit on top.
- Dealers told DUBAWA they had been paying roughly 30–35% in practice, not 70%, because Customs’ automated valuation set duty for most cars at around 20% plus a 15% levy. A 40% headline rate may therefore not lower the real bill much, and for some dealers it could even raise it.
- The president of the Association of Motor Dealers of Nigeria, Ajibola Adedoyin, said the cut would lower prices but “not significantly”, using an example where a ₦5 million car would see about ₦150,000 in savings.
- Naira swings can erase any saving before the next shipment clears, and nothing forces dealers to pass savings on.
Realistic tokunbo cost breakdown
Because dealer prices vary widely by model, year, condition and port, treat the structure below as a checklist, not a price quote. Get a written, itemised quote before paying anything.
- Vehicle cost (FOB): the purchase price abroad, often from the US, Canada, Europe or Asia.
- Shipping and insurance: varies by origin and container versus roll-on/roll-off.
- Customs duty, levies and VAT: assessed on the vehicle’s value, age and type, so the same model can clear very differently.
- Port charges and clearing agent fees: terminal handling, demurrage if your car sits too long, and agent costs.
- Registration and papers: plate number, proof of ownership, insurance and road-worthiness.
- Dealer margin: if you buy a cleared car rather than importing yourself.
Prices of popular tokunbo models fluctuate with FX and clearing costs, so ask the dealer to show customs documents, not just a receipt.
Buy cleared or import yourself?
Buying a cleared tokunbo car
This is simpler and faster. You see the car, check the papers and drive away. The trade-off is a higher sticker price because the dealer’s costs and margin are built in. Always verify the customs duty papers, chassis number and that the car was cleared properly.
Importing it yourself
You control the choice of car and may save on margin, but you carry the risks: exchange rate moves, delays at the port, valuation disputes and fraud from fake agents. Use a licensed clearing agent and keep every document.
Practical tips for Nigerian buyers in 2026
- Inspect for accident or flood damage, which is a real risk with some imports. A trusted mechanic’s inspection is cheap insurance.
- Check that spare parts for your chosen model are easy to find in Lagos, Abuja or Port Harcourt, given parts imports have not kept pace with vehicle imports.
- Compare the monthly cost of running the car: fuel, servicing, insurance and parking, not just the purchase price. Fuel-efficient models keep costs down while petrol prices stay high.
- If you finance, read the car loan terms carefully and compare interest rates across banks before signing.
- Buy comprehensive rather than only third-party insurance on a higher-value tokunbo car.
- Do not pay the full amount to an online seller before seeing the vehicle and papers.
Other policy moves that may affect you
Reporting on the trade data also notes that in April 2026 import duties were waived on electric vehicles, mass transit buses and manufacturing machinery, and that in August 2026 President Bola Tinubu said state governors had agreed to use CNG and electric vehicles to reduce transport fares nationwide from 1 October 2026. If you are weighing a petrol tokunbo against a CNG-converted car or an EV, these policies are worth factoring in over a multi-year ownership period.
Honest drawbacks of the tokunbo market right now
High import values suggest strong demand, and strong demand rarely means bargains. If the Naira weakens, landing costs rise. Dealers may also hold prices even after a tariff cut. Meanwhile, quality varies: a clean-looking car can hide flood or crash history. Patience and paperwork are your best protection.
Key takeaways
Tokunbo car imports reached about ₦1.18 trillion in H1 2026 (up 145.6% by value), but that does not mean prices have fallen or risen across the board. The April cut in the tariff on fully built cars from 70% to 40% may bring only modest savings, since many dealers were already paying lower effective rates. Budget for the full landing cost, insist on documents, and inspect before you pay.
FAQ
Did the 2026 tariff cut make tokunbo cars cheaper in Nigeria?
Not noticeably so far, according to dealer commentary reported by DUBAWA. The cut applies to the tariff component only, and other charges plus exchange rate movements can outweigh it.
Does a 145.6% rise in imports mean 145.6% more cars?
No. The figure measures import value in Naira, not the number of vehicles.
Is it better to buy a cleared car or import?
Buying cleared is safer and quicker for most people; importing yourself can save money but carries FX, port and fraud risks.
Disclaimer: vehicle prices, import duties and specs change frequently in Nigeria. Always confirm current figures with the dealer or the official source, such as the Nigeria Customs Service, before buying.
