•Importers, clearing agents lament
By Steve Agbota
The floating of the naira has triggered a notable plunge in luxury imports (from 70 to 30 per cent), as soaring exchange rates drive up costs and dampen demand.
Also affected are essential goods which import volume has dropped to 50 per cent while vehicles have dropped to 25 per.
Additionally, the level of importation on bulk cargo has equally dropped by 15 per cent.
Importers and clearing agents who are feeling the pinch are currently wailing over dwindling patronage, rising operational expenses and mounting uncertainty in the market.
Many of them fear that if the currency’s volatility persists, the luxury goods sector could face even steeper declines.
The stakeholders, who spoke to Daily Sun, stated that the crash in import volume, exacerbated by exchange rate fluctuations, was most noticeable between December 2024 and February 2025.
Importers have reported that since President Bola Tinubu’s decision to float the exchange rate in 2023, the value of the naira has plummeted by over 300 per cent. In the past year and a few months, the exchange rate for the U.S. dollar has skyrocketed from N455/$1 to N1,766/$1, marking a dramatic shift in the foreign exchange landscape.
Importers have highlighted the challenges of importing goods into Nigeria due to exorbitant shipping costs and a multitude of charges at the country’s ports.
For example, the cost to ship a 40ft container from China to Nigeria is around $8,500, compared to just $3,500 to Ghana and $3,000 to Togo.
This price disparity has hit Nigeria hard and created room for neighbouring countries like Ghana, Togo, Benin Republic and Cameroon to snatch cargoes that would typically be destined for Nigeria.
Speaking with Daily Sun, the Managing Director of Sula Marine Global Limited/foremost freight, Sulaiman Ayokunle, said in economic terms, Nigeria was losing huge revenue due to a slump in import of various goods.
“The economic policy makers of this country need to go back to the drawing board. They have all this data. The statisticians, they have the data. CGC once said that they all feel it and it is obvious that importation has dropped. If you get into some terminals that previously were loaded with import items, some of them are like an open football field now.
“Some of them barely stand to even survive. And what makes these people survive? The importers are struggling to stay in business. And that is why we are clamouring that these importers should not be made to lose all their capacities to import. Because without them, where would there be revenue generation? So, from an economic perspective, only few are struggling to import now.
“And the economic policymakers of this country are well aware of this. And we hope to go back to the drawing board and see how best we can mitigate these challenges,” he said.
Another stakeholder and former acting National President of Association National Licensed Customs Agents (ANLCA), Dr Farinto Kayode, told Daily Sun worrisome developments over the slump in import, saying that the troubling development should be addressed in the interest of the Nigerian economy.
An importer, Itoje Isaac, said the exchange rate fluctuation has actually reduced the level of importation into the nation’s ports.
“We have written to the Federal Government through the Ministry of Finance and Central Bank of Nigeria (CBN) that there should be a fixed exchange rate for clearing of exchange rates for a period of six months, and after six months, it can be reviewed. But up till now, nothing is being done. In that letter, we copied the National Assembly, stating that this is a way we can get this economy working, but nobody listens to us.
“We all know what it means to import luxury items. But in a situation where we open Form M at a certain rate, before your items arrive at the nation’s shore, you will be dealing with a different exchange rate, which means you have to source additional money to clear your goods. At the end of the day, you have to factor in that money in order not to run at a loss, and that is why you see the prices of goods in the market today going up almost every day,” he said.
He said the government should listen to the people operating in the field because these are the people who know where the shoe pinches, adding that the theoretical economic system operated by the people in government cannot work without consulting the stakeholders in the field.
According to him, Nigeria is losing its cargo to neighboring countries such as Benin Republic, Togo, and Ghana on a daily basis, urging the government to take action.
Meanwhile, an importer and President of the Association of Motor Dealers of Nigeria (AMDON), Prince Ajibola Adedoyin, said the hikes in taxes, fuel, and tariffs have negatively impacted the importation of cars into Nigerian ports.
According to him, the situation has driven many importers out of the car business, with significant consequences for their members.
“The further consequences on the populace may lead to serious safety issues because much of what is happening now is the recycling of old cars used in Nigeria.
“Importers can no longer bring in cars due to the high foreign exchange rate. Apart from the exchange rate, the increase in import duty—about which we have made it clear to the government—needs to be addressed. The hikes have had adverse effects on our members, driving many out of the business.
“Even when you buy a car and sell it at a profit, you cannot buy another one with the current prices we use for imports, and that is why some people have left the business. The government needs to take urgent steps to address the situation,” he said.