The federal government has cut the import duty on both new and second-hand cars as part of its 2026 Financial Policy Plan, an action intended to decrease the expense of importing vehicles, reduce pressure on buyers, and enhance availability for customers.
New financial policies came into force on July 1, 2026, as part of an extensive evaluation of Nigeria's import duty system and customs framework aimed at boosting economic growth and facilitating commerce.
Read Also: Leadership Role: Adeyemi Matthew is a fraudster involved in complex deception aimed at involving the Chief of Staff
According to the updated regulation, the duty on newly imported cars has dropped from 20% to 10%, whereas the charge on second-hand vehicles has been lowered from 15% to 5%.
As per the government, "Starting from 1st July 2026, the" Nigeria Customs Service will introduce the Green Tax Surcharge within the 2026 Budget Strategy to promote eco-friendly practices, alongside lowering the import duty for new cars from 20% to 10% and for second-hand vehicles from 15% to 5%, thereby decreasing the expense associated with importing vehicles.