Business

April 11, 2023

Motorcycle importation falls 42% to N212.64bn 

Motorcycle importation falls 42% to N212.64bn 

By Elizabeth Adegbesan

Nigeria’s spending on importation of motorcycles fell to N212.64   billion in 2022 representing a 42 per cent increase   from N367.39 billion spent in 2021.  

The National Bureau of Statistics (NBS) disclosed this in its Foreign Trade in Goods Statistics report which also showed that the importation bill on motorcycles fell quarter-on-quarter (QoQ) by 22 per cent to   N46.43 billion in the fourth quarter of 2022 (Q4’22) from N59.63 billion in Q3’22.

Vanguard analysis of NBS data showed that   import bills on   motorcycles   stood at   N74.6 billion in Q1’22, import bill. But in Q2’22   import bills of motorcycles   fell quarter-on-quarter by 57 percent to N31.98 billion. The downward trend   was reversed in Q3 ’22 as import bill on motorcycles rose by 86 percent to N59.63 billion and down by 22 percent to N46.43 billion in Q4’22.

The Lagos government had, in May, banned the operations of commercial motorcycles in six Local Government Areas (LGAs) in the state   which   consisted of Ikeja, Surulere, Eti Osa, Lagos Mainland, Lagos Island and Apapa and later extended the ban to four more LGAs Kosofe, Oshodi-Isolo, Shomolu, and Mushin. The government announced that the ban was indefinite and total.  

Over 2000 motorcycles of   defiant riders were seized on the authorized date.

The state Commissioner for Information and Strategy, Gbenga Omotoso, noted that   about 5,000 motorcycles had earlier been crushed in Q1’22.

However, the Director of Public Affairs of Lagos   State Environmental and Special Offences Unit, Mr. Gbadeyanka Raheem, said in a report last year that 7,548 bikes were destroyed in the state in 2022.