Nigerians Are Buying Used (Tokunbo) Cars Than Brand New Cars, This Statistics Says It

  • Naira
  • February 18, 2016

According to data from the National Bureau of Statistics (NBS) on Motor vehicle registration and Personal License Statistics the number of license plates produced per state in Nigeria has reduced by 272.31% from 1,004,469 in 2013 to 269,795 in 2015. In contrast, the number of licenses issued have risen by 191% in the same period (2013-2015).

Two Factors responsible for the fall in demand for new cars; could be the Auto policy which increases the tariffs on the importation on new cars. This makes it more expensive for buyers, who then have to settle for “Tokunbo” (used cars) which comes as a cheaper option.
Another reason could be the lack of availability of credit for people who want to purchase new cars.

However, the data doesn’t include the number of plates produced for Lagos State for the years 2014 and 2015 which would have changed the dynamics of the data.

The report released by NBS also shows that the total number of drivers licenses processed in Nigeria rose by 191% in the past two (2) years, with Lagos unsurprisingly coming out tops with a figure of 298,319 licenses processed in 2015, rising by 134% from 127,261 in 2013 to 298,319 in 2015. The Federal Capital Territory followed with 106,946 licenses processed in 2015, up 150%, from 42,613 in 2013 to 106,946 in 2015. Other states with a high number include Delta, Rivers and Oyo. Yobe state recorded the least with just 2,375 licenses processed.

STATISTICS FOR DRIVERS LICENSES PROCESSED PER STATE IN 2015
STATE 2015
YOBE 2,375
KOGI 2,861
ZAMFARA 3,433
KEBBI 3,734
ADAMAWA 4,961
KATSINA 5,500
TARABA 5,821
BAUCHI 7,493
EBONYI 8,684
BORNO 8,916
CROSS RIVER 9,399
JIGAWA 9,427
BENUE 9,503
NIGER 10,504
EKITI 14,466
BAYELSA 15,056
KWARA 16,198
PLATEAU 16,640
AKWA-IBOM 17,623
KANO 20,666
ONDO 20,812
SOKOTO 22,156
KADUNA 22,567
EDO 23,793
OSUN 25,072
IMO 28,088
ENUGU 28,358
GOMBE 31,303
NASARAWA 32,293
ABIA 36,316
ANAMBRA 49,527
OGUN 51,438
OYO 53,755
RIVERS 63,421
DELTA 64,482
FCT 106,946
LAGOS 298,319

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.


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