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Tokunbo vehicles’ prices jump by 100% over duty hike

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The prices of imported used cars have spiked by 100 per cent in the last year, on the back of a tariff hike by the Nigeria Customs Service in 2022.

When our correspondent visited some of the car marts in Lagos, including Berger and Alimosho, it was observed that cars such as Toyota Corolla, Camry, and Honda Accord products were about N1m higher than their former prices before the Customs raised the import duties on used cars.

Speaking with our correspondent on Monday, a member of the United Berger Motor Dealers Association, Mr Chinonso Amariwu, said, that the 2005 model of Toyota Corolla that sold for N1.9m in 2021 was selling for N4m.

“In 2021, Toyota Corolla 2005-2007 models were sold between N1.9m and N2m, depending on the grade, but the same model is now sold between N3.8m and N4m. In 2021, Honda Accord 2004 was sold for between N1.4m and N1.6m, and the 2008 model was sold for N2m. But currently, the same model of Honda Accord 2004 to 2005 goes for between N2.9m and N3.2m while the 2008 model is between N3.2m and N3.9m. Camry 2004 as of 2021 was sold for N1.7, but it is currently sold for N3.5m upwards,” he explained.

Amariwu blamed the high exchange rate and increase in the cost of clearing imported used vehicles for the high cost of imported used cars since 2022.

According to him, there is a 30 per cent decline in used car patronage.

“The high cost is affecting buying cars from overseas. There is also a low turnout of importers buying and importing used cars to Nigeria. There has been a steady drop in car purchases since 2022 unlike what the market recorded in 2021,” he declared.

Also, the Secretary General of the Lagos State Motor Dealers Association of Nigeria, Mr Tai Olaniran, urged the new administration to address the issue of exchange rates.“We are expecting the new government to address the issue of the exchange rate. The exchange rate for clearing vehicles at the ports is where we are having major challenges. So, if they can address this, it will make the business more lucrative.

“Again, it will help to make the economy better. We are expecting the new government to help us talk to them in the ports because there are so many agencies in the ports and they need to reduce them so that the costs and challenges with vehicle clearance will be addressed,” he asserted.

He lamented that there was a 60 per cent drop in car sales in 2022.

“For cars like Toyota Corolla and other vehicles that are common here in Nigeria, the prices differ. There are no fixed prices; everyone sells according to how he got it. Some people can buy an accident vehicle and put a tag on it.

“The prices have gone up by like 50 per cent. Of course, it has affected the number of cars we sell in a day. Currently, I did not even go to the office and the reason is that there is nobody buying cars again,” Olaniran lamented.

The Managing Director of Zodik Freight Services, Mr Emmanuel Ngwuta, attributed the rise in the prices of imported cars to the increase in freight charges.

“After the global pandemic, we had economic degradation all over the world. The impact depends on a country’s economy and its exchange rate. For example, the shipping charge from America to West African countries increased. So, if you are from a country such as Nigeria, you cannot use the world rate because the countries’ economies vary. When there is an increase in shipping rates, there is every tendency that imports into Nigeria will increase. The duty also increased because the country relies on internally generated revenue. So, when they increase the Value Added Tax, the duties will also increase,” he concluded.
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Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down

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By: Fabian Apechihin

The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.

A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.

The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.

According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.

While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.

“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.

Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.


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US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises

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By: Fabian Apechihin

The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.

The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.

Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.

According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.

Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.

“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.

He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.

“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.


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NDYPC Hails Otuaro’s Reforms in Presidential Amnesty Programme

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• Lauds transparency, fairness in beneficiary selection and grassroots empowerment

• Says reforms align with Tinubu’s Renewed Hope Agenda, restore trust in Niger Delta

The Niger Delta Youths for Positive Change (NDYPC) has commended the Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, for what it described as bold, people-focused reforms that are restoring trust and delivering tangible benefits to the Niger Delta.

In a statement signed and issued by Comrade Elliott Yibakeni, after the conclusion of leadership training sessions with ex-agitator leaders in Abuja, the group said the PAP, once in urgent need of renewal, is now undergoing a transformation that reflects transparency, fairness, and accountability.

“At a time when public trust in institutions was waning, Dr. Otuaro has emerged as a symbol of credibility and transformation,” the statement read. “His visionary leadership is restoring integrity, empowering communities, and driving a sustainable development agenda that resonates with the aspirations of the Niger Delta.”

According to NDYPC, under Otuaro’s leadership, beneficiary selection has become fair and merit-based, ending years of favoritism and political interference. The group added that access to education, skills training, and empowerment opportunities, both locally and abroad, is now guided by equity and open competition.

The group highlighted several internal reforms, including improved staff welfare, strengthened professional capacity, and strict adherence to best practices in public procurement. These, it said, have made the PAP more efficient, responsive, and transparent.

NDYPC also praised Otuaro’s inclusive governance style, noting his sustained engagement with traditional rulers, women leaders, civil society organizations, and local communities. This approach, the group said, has strengthened peace-building efforts and deepened trust between the PAP and the people it serves.

In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, the PAP has maintained consistent payment of stipends to ex-agitators and extended direct support to vulnerable populations. NDYPC also applauded new healthcare interventions for ex-agitators facing health challenges.

The statement further commended the programme’s investments in scholarships, vocational training, and economic empowerment initiatives aimed at preparing Niger Delta youths for leadership, innovation, and sustainable livelihoods.

“Every decision reflects a deep commitment to public trust, responsible stewardship, and long-term development,” NDYPC stated. “Under Dr. Otuaro’s watch, the Niger Delta is rising stronger, united, and filled with renewed hope.”

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