If you’ve been shopping for a Tokunbo car this year, you’ve probably heard that car imports are “booming.” The headline number is striking: Passenger car imports in the first half of 2026 reached about 1.18 trillion, up about 145.6% from the same period in 2025, according to Nairametrics’ analysis of National Bureau of Statistics (NBS) foreign trade data. But what does that mean for the price of a Toyota Camry or Honda Accord in Ladipo or Berger? This guide breaks down the numbers, April’s tax cuts and what you should actually be budgeting for.
What the ₦1.18 trillion figure says
According to Nairametrics analysis of the NBS Q1 and Q2 2026 Trade Report, passenger motor vehicle imports were valued at ₦552.34 billion in the first quarter and ₦624.75 billion in the second quarter. This compares to ₦224.58 billion and ₦254.67 billion in the same quarter of 2025 and about ₦479.26 billion for the entire H1 2025.
- Q1 2026: ₦552.34 billion (Q1 2025: ₦224.58 billion)
- Q2 2026: ₦624.75 trillion (Q2 2025: ₦254.67 trillion)
- H1 2026 Total: About ₦1.18 trillion, up 145.6% YoY
An important caveat: these statistics are measurements value Imports in naira, not number of cars. A weaker naira, higher vehicle values and a different mix of models could inflate the total without a commensurate jump in vehicle numbers. The reporting itself notes that the data does not provide nationwide tokunbo price increases or a price list for specific models.
Mass transport imports
The same data shows that import of transport equipment and parts is about ₦3.73 trillion in H1 2026, up 44.2% from ₦2.59 trillion a year ago. Parts and accessories, however, declined by about 4.4% to ₦722.59 billion. For buyers, that’s a sign to watch: More complete vehicles are coming, but the flow of spare parts hasn’t increased with them, so check parts availability for any model you buy.
April 2026 Tariff Cut: Will Tokunbo Cars Be Cheaper?
On 1 April 2026, Minister of Finance Wale Edun signed the 2026 Fiscal Policy Measure. Among them, duty on fully-built passenger vehicles (sedans, SUVs and station wagons) has been reduced from 70% to 40%, as explained by DUBAWA. Importers who open their Form M before April 1 have a 90-day grace period.
Before you celebrate, consider the fine print:
- A tariff is just one element that you pay. Insurance, NAC duty, VAT, surcharge, shipping, terminal handling and clearing agent fees are all on top.
- Dealers told DUBAWA that they use around 30-35%, not 70%, as customs’ automatic assessment levies around 20% and 15% for most vehicles. A 40% headline rate may therefore not lower the actual bill, and for some dealers it may even increase it.
- President of the Motor Dealers Association of Nigeria, Ajibola Adoyin, said the cut would reduce prices but “not significantly”, using an example where a 5 million car would see a saving of about ₦150,000.
- Naira swings can wipe out any savings before the next shipment clears and nothing forces dealers to save.
Realistic tokunbo cost breakdown
Because dealer prices vary widely by model, year, condition and port, consider the structure below a checklist, not a price quote. Get a written, itemized quote before paying anything.
- Cost of Vehicle (FOB): Purchase prices abroad, often from the United States, Canada, Europe or Asia.
- Shipping and Insurance: Varies by origin and container vs. roll-on/roll-off.
- Duties, Duties and VAT: Values are based on vehicle quality, age and type, so the same model can clean very differently.
- Port Charges and Clearing Agent Fees: Terminal handling, demurrage and agent costs if your car is sitting too long.
- Registration and Documents: Plate number, proof of ownership, insurance and road-worthiness.
- Dealer Margin: If you buy a cleared car instead of importing it yourself.
Prices for popular Tokunbo models fluctuate with FX and clearing costs, so ask the dealer to show you customs documents, not just a receipt.
Buy clear or import yourself?
Buying a cleared Tokunbo car
This is easy and fast. You see the car, check the papers and drive away. The trade-off is a higher sticker price because dealer costs and margins are built-in. Always check the customs papers, chassis number and the car has been cleaned properly.
Importing myself
You control the choice of vehicle and can save on the margin, but you bear the risks: exchange rates, port delays, 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 visit by a trusted mechanic is cheap insurance.
- Check if spare parts for your chosen model are readily available in Lagos, Abuja or Port Harcourt, given that importation of spare parts has not kept pace with vehicle importation.
- Compare the monthly cost of driving: fuel, servicing, insurance and parking, not just the purchase price. Fuel-efficient models keep costs low when gasoline prices are high.
- If you’re financing, read the car loan terms carefully and compare interest rates across banks before signing.
- Buy comprehensive rather than just third-party insurance on a high-priced Tokunbo car.
- Don’t pay an online seller in full before seeing the car and paperwork.
Other Policy Actions That May Affect You
The trade data report also noted that import duties on electric vehicles, public transport buses and manufacturing machinery were waived in April 2026, and in August 2026, President Bola Tinubu said state governors agreed to use CNG and electric vehicles to reduce transport fares nationwide from October 1. Whether it’s a CNG-converted car or an EV, these policies are worth factoring in over a multi-year ownership period.
Right now Tokunbo is the honest flaw of the market
High import values indicate strong demand, and strong demand means little. If the naira weakens, landing costs rise. Dealers can maintain prices even after duty reduction. Meanwhile, quality varies: a clean-looking car can hide a history of flooding or accidents. Patience and paperwork are your best protection.
take root
Tokunbo car imports hit about ₦1.18 trillion in H1 2026 (up 145.6% by value), but that doesn’t mean prices have fallen or risen across the board. The cut in duty on fully built vehicles from 70% to 40% in April may bring only modest savings, as many dealers are already paying lower effective rates. Budget for full landing costs, insist on documents and inspections before paying.
FAQ
Has 2026 duty cut made Tokunbo cars cheaper in Nigeria?
Not significantly so far, according to dealer commentary reported by DUBAWA. The cut applies only to the tariff component, and may be outweighed by other charges and exchange rate movements.
Does a 145.6% increase 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?
Clearance is safe and quick to buy for most people; Importing yourself can save money but carries FX, port and fraud risks.
Disclaimer: Car prices, import duties and specifications in Nigeria change frequently. Always confirm current figures with dealers or official sources such as the Nigeria Customs Service before purchasing.