ICYMI

June 14, 2024

Motorcycles importation rises 205% to N73.59bn

motorcycles

By Elizabeth Adegbesan

The value of imported motorcycles surged by 205 percent, Year-on-Year, YoY to N73.59 billion in Q1’24, reversing three years decline from first quarter of 2021, Q1’21 to first quarter of 2023, Q1’23.

Vanguard analysis of data from the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics report showed that importation of motorcycles rose to N73.59 billion in Q1’24 from N24.12 billion in Q1’23.

This is in sharp contrast to the three years of consecutive decline which led to fall in importation of motorcycles to N24.12 billion in Q’23 from N138.77 billion in Q1’20.

Vanguard analysis of NBS data showed that value of imported motorcycles rose YoY 103 per cent from N68.3 billion in Q1’19 to N138.77 billion in Q1’20. But in Q1’20, it fell YoY by 15.2 per cent to N117.65 billion in 2021. It fell further YoY by 36.6 per cent to N74.51 billion in Q1’22. The decline persisted with another 67.6 per cent YoY fall to N24.12 billion in Q1’23.

The downward trend was halted and reversed in Q1’24 when importation of motorcycles skyrocketed by 205 YoY increase to N73.59 billion.

The resurgence of motorcycle importation is in spite various ban as means of commercial transportation.

Recall that in 2019, The Nigerian army banned the use of motorcycles in remote areas of seven states in the north citing increasing activities of bandits and kidnappers in the region.

The states affected by the ban were Kano, Katsina, Zamfara, Sokoto, Kaduna, Kebbi in the north-west and Niger state in the north-central.

In 2022, the Lagos State Governor announced the ban of commercial motorcycles running within the state on specific routes. The state government has since crushed over 5,000 seized motorcycles till date.
In January this year, the Taraba State Government banned the use of motorcycles of any kind within the Jalingo metropolis, the state capital, in a bid to curb its use for criminal activities.

Recently, the Delta State government also banned commercial motorcyclists (Okada riders) from operating in Asaba capital territory and other areas.

Other areas are Oshimili South and North, Sapele, Ika and Uvwie local government areas.