The Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, has attributed the country's forex challenges to a significant decline in vehicle importation during the first quarter of 2024. Speaking on Arise TV, Adeniyi noted a 45 percent drop in vehicle imports due to these financial difficulties.
"It affected car dealers significantly. We saw a 45 percent decrease in the volume of cars brought into Nigeria during that period," Adeniyi said. "Additionally, these were not the types of vehicles that generated optimal revenue for customs. The issue extended beyond cars; even regular imports were impacted as businesses struggled to import raw materials, and the market's volatility hindered future planning."
However, Adeniyi observed an improvement in the second quarter of 2024. "We've noticed some stability in the second quarter," he explained. "This progress is the result of ongoing discussions, many of which are led by the Minister of Finance and Coordinating Minister of the Economy, alongside the National Assembly and other stakeholders, aimed at achieving long-term stability."
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