PTML Attributes 60% Drop in Vehicle Importation to high Duties

The Ports & Terminal Multipurpose Limited attributes the 60% decrease in vehicle importation during the first half of 2024 to high import duty and taxes on used vehicles.

According to a document from the General Manager, Mr Tunde Keshinro, the number of imported vehicles dropped from 45,000 units in the first half of 2023 to 18,000 units in the same period in 2024. PTML, a leading roll-on-roll-off terminal in Nigeria, handles 60-70% of the country's vehicle imports.

Keshinro pointed to factors such as import levies, restrictions on rebate, and high exchange rates as reasons for the decline in importation.

The Comptroller General of the Nigeria Customs Service also stated that vehicle importation decreased by 45% in the first quarter of 2024 due to the forex crisis.