Nigeria’s spending on the importation of motorcycles fell to N212.64 billion in 2022 representing a 42 percent decrease from N367.39 billion spent in 2021.
The National Bureau of Statistics (NBS) disclosed this in its Foreign Trade in Goods Statistics.
The decline in the importation bill occurred the same year that Kano, Kaduna, and Lagos State Governments banned the operation of commercial motorcycles, also known as Okada, on major roads.
The state governments had blamed insecurity and multiple accidents involving motorcycles as reasons for the ban. This led to many losing their source of income.
In the year of the ban wave across these states, data from the statistics bureau showed that the value of motorcycles imported into the country nosedived from N367.39 billion expended in 2021 to N212.64 billion last year.
The NBS Foreign Trade for Goods Statistics reports stated that the importation bill took a hit in the fourth quarter (Q4) of 2022, dropping by 22 percent quarter-on-quarter.
Okada’s importation bill closed the fourth quarter of last year with N46.43 billion, down from the N59.63 billion reported in the third quarter of the same year.
In Q3, the National Bureau of Statistics reported that the importation of motorcycles rose by 86 per cent before falling by 22 per cent the following quarter.
Dear Readers, Good and credible news reportage is tedious task and requires huge finances.
We are soliciting your Noble support for as low as N1,000 your support would go a long way in assisting us to continue to guarantee our readers quality news.
Bank transfers can be made to:
Account Name: Harvest and Commercial
Bank: Sterling Bank
Account Number: 0078627735