The value of imported motorcycles surged by 205 percent year-on-year (YoY) to N73.59 billion in Q1 2024, reversing a three-year decline from Q1 2021 to Q1 2023.
Analysis of data from the National Bureau of Statistics (NBS) Foreign Trade in Goods Statistics report, conducted by Valid View Network, showed that motorcycle imports increased from N24.12 billion in Q1 2023 to N73.59 billion in Q1 2024.
This significant rise contrasts sharply with the previous three years of consecutive declines, which saw motorcycle imports fall from N138.77 billion in Q1 2020 to N24.12 billion in Q1 2023.
Further analysis of NBS data revealed that the value of imported motorcycles rose by 103 percent YoY from N68.3 billion in Q1 2019 to N138.77 billion in Q1 2020.
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However, in Q1 2021, it fell by 15.2 percent YoY to N117.65 billion, then by 36.6 percent YoY to N74.51 billion in Q1 2022, and continued to decline by 67.6 percent YoY to N24.12 billion in Q1 2023.
This downward trend was halted and reversed in Q1 2024, with motorcycle imports skyrocketing by a 205 percent YoY increase to N73.59 billion.
The resurgence of motorcycle importation occurs despite various bans on their use as a means of commercial transportation.
Valid View Network also discovered that the global supply chain issues, such as shortages of raw materials, shipping delays, and increased transportation costs contributed to higher prices for imported motorcycles.
Also the rising inflation rates and fluctuations in the value of the Nigerian naira increased the cost of imported motorcycles.
In 2019, the Nigerian army banned motorcycles in remote areas of seven northern states (Kano, Katsina, Zamfara, Sokoto, Kaduna, Kebbi, and Niger) due to rising banditry and kidnapping.
The bans on commercial motorcycles (Okada) in various states created a shortage or driven up demand in unregulated areas, increasing overall prices.
In 2022, the Lagos State Governor banned commercial motorcycles on specific routes, leading to the seizure and destruction of over 5,000 motorcycles.
In January 2024, the Taraba State Government banned motorcycles in Jalingo, the state capital, to curb criminal activities.
Recently, the Delta State government also banned commercial motorcyclists (Okada riders) from operating in Asaba and other areas.
