High Inflation and Naira Depreciation Drive Down Car Imports in Nigeria Nigeria's Car Imports Declined in 2024 Due to High Inflation and Depreciation of the Naira Nigeria's car imports experienced a decline in 2024, as high inflation rates and the continuous depreciation of the naira increased the cost of importing cars. This, in turn, impacted the ability of individuals and businesses to purchase cars. According to the latest report from Nigeria's National Bureau of Statistics, the total value of car imports fell by 14.3%, reaching 1.26 trillion naira in 2024 compared to 1.47 trillion naira in 2023. What Are the Reasons for the Decline in Car Imports to the Nigerian Market? Car imports have fluctuated significantly over the past five years. In 2020, Nigeria imported cars worth 546.79 billion naira, and in 2021, the value increased to 695.40 billion naira. However, car imports declined in 2022 to 655.69 billion naira before jumping by 124.7% to 1.47 trillion naira in 20...