Cost of clearing new cars in nigeria 2019
The cost of clearing new cars in Nigeria can vary depending on several factors such as the type of vehicle, its value, and the clearing agent or customs broker used. However, based on industry reports and data from 2019, here are some estimated costs involved in clearing new cars in Nigeria:
- Customs Duty:
- For cars with an engine capacity of 1.5 liters or less, the duty rate is 20% of the CIF (Cost, Insurance, and Freight) value.
- For cars with an engine capacity above 1.5 liters, the duty rate is 35% of the CIF value.
- For example, if a car costs $10,000 CIF, the customs duty would be $2,000 (20% of $10,000) or $3,500 (35% of $10,000) respectively.
- Value Added Tax (VAT):
- The VAT rate in Nigeria is 5%.
- For example, if the CIF value of the car is $10,000, the VAT would be $500 (5% of $10,000).
- Port Handling Charge:
- This charge varies depending on the port of entry and the type of vehicle. On average, it ranges from N10,000 to N50,000 (approximately $27 to $137 USD).
- Customs Examination Fee:
- This fee is usually around N10,000 to N20,000 (approximately $27 to $54 USD) per vehicle.
- Customs Agent or Brokerage Fee:
- This fee can range from 2% to 5% of the CIF value of the vehicle. For example, if the CIF value is $10,000, the agent or brokerage fee would be $200 to $500.
- Other Charges:
- There may be additional charges for services such as documentation, insurance, and transportation, which can range from N10,000 to N50,000 (approximately $27 to $137 USD).
Based on these estimates, the total cost of clearing a new car in Nigeria in 2019 could range from:
- N1.5 million to N2.5 million (approximately $4,000 to $6,800 USD) for a car with an engine capacity of 1.5 liters or less.
- N2.5 million to N4.5 million (approximately $6,800 to $12,200 USD) for a car with an engine capacity above 1.5 liters.
Please note that these estimates are subject to change and may vary depending on various factors, including the specific vehicle, the clearing agent or customs broker used, and the port of entry. It's essential to research and consult with a reputable clearing agent or customs broker to get a more accurate estimate of the costs involved in clearing a new car in Nigeria.