The National Bureau of Statistics (NBS) has released its Foreign Trade in Goods Statistics report, which indicates that Nigeria’s spending on importing motorcycles declined in 2022, representing a 42% decrease from the previous year.
Despite this significant decrease, the report also highlights the ups and downs in the importation of motorcycles throughout the year.
NBS report analysed by News About Nigeria showed that the import bills on motorcycles stood at N74.6 billion in Q1’22. However, in Q2’22, the import bills on motorcycles fell by 57% to N31.98 billion.
This downward trend was reversed in Q3’22, as the import bill on motorcycles rose by 86% to N59.63 billion. The import bill on motorcycles fell quarter-on-quarter by 22% to N46.43 billion in Q4’22.
One factor that may have contributed to the overall decrease in the importation of motorcycles in Nigeria in 2022 is the ban on commercial motorcycles in several local government areas (LGAs) in Lagos State.
In May, the Lagos government announced the indefinite and total ban on commercial motorcycles in six LGAs, which later extended to four more LGAs. On the authorized date, over 2,000 motorcycles were seized from defiant riders, and in Q1’22, about 5,000 motorcycles were crushed.
According to a report by the Director of Public Affairs of Lagos State Environmental and Special Offences Unit, Mr. Gbadeyanka Raheem, a total of 7,548 bikes were destroyed in the state in 2022.
The decline in the importation of motorcycles in Nigeria in 2022 is a significant development that could have positive implications for the country’s economy.
Nigeria has been spending a considerable amount of money on the importation of motorcycles over the years, which has contributed to the country’s trade deficit.
A reduction in this spending could help to reduce the country’s trade deficit, boost local production of motorcycles, and create jobs for Nigerians.
