Nigeria, March 11 -- Nigerians imported fewer passenger automobiles in 2024 since the cost of importing vehicles increased dramatically due to rising inflation and the rapid naira depreciation, which made foreign exchange more expensive.

According to the National Bureau of Statistics (NBS) 's most recent foreign trade report, passenger automobile imports totaled N1.26 trillion in 2024, down 14.3% from N1.47 trillion in 2023.

Following a spike in imports the year before, when car imports more than doubled from 2022, the fall occurred.

Imported cars were among the most severely impacted by the harsh economic realities of 2024, which compelled individuals and businesses to reduce their spending on non-essential items.

The downturn reflec...