The Managing Director and Chief Executive Officer of Stock Motorcars Limited, Esu Bassey-Duke, has revealed that high-end SUVs are currently leading demand in Nigeria, driven by growing interest in newer models and the rising costs of importing older vehicles.
Speaking with Nairametrics, he said that at his Ogudu car lot, mid-size to large SUVs are more in demand compared with their sedan counterparts, which are still purchased but whose demand has fallen behind that of SUVs.
He cited models such as the Mercedes GLE, Toyota Highlander, Toyota RAV4, Lexus LX, Hyundai Tucson and Mazda SUVs, noting that vehicles from 2014 models and newer are mainly bought by middle- and upper-income buyers.
Bassey-Duke explained that these observations reflect the activity of a dealership that imports vehicles through its U.S.-based parent company, supplying more than 600 cars to the Nigerian market annually. Rising import and clearing costs have made older vehicles less attractive to importers, leaving the domestic second-hand market to serve that segment.
“The market has shifted toward high-end vehicles, especially SUVs from 2014 models and newer. Rising import and clearing costs have made low-end cars, typically vehicles older than 2014, less attractive for importation. The domestic second-hand market now caters to most of that segment,” Bassey-Duke.
He further noted that older model Toyota Corollas, often used for ride-hailing services, sell locally for around N8 to N9 million. The same vehicles could cost about N11 million if imported, as clearing costs for older cars are nearly the same as for newer ones. Bassey-Duke said it no longer makes financial sense for importers to bring in older vehicles.
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Bassey-Duke explained that for second-hand vehicles imported into Nigeria to meet high standards, they must undergo a rigorous selection process that prioritizes quality and reliability.
- He said only cars with clean Carfax reports, low mileage, accident-free records, and sound mechanical condition should be imported, as these benchmarks guarantee durability, safety, and long-term value for buyers.
- He added that dealerships operating efficiently should maintain a structured sales cycle of about four months—roughly eight to nine weeks for shipping and clearing, followed by another two months to complete sales.
- According to him, auto sales typically peak between September and January, driven by festive spending, slow slightly afterward, then pick up again between April and June before the mid-year rains.
Data from the National Bureau of Statistics (NBS) shows that Nigeria imported vehicles worth N479.26 billion in the first half of 2025, representing 3.12% of total imports, a 9.6% decline from N530.67 billion in the same period of 2024.
