A growing number of Nigerian importers are abandoning their traditional trade to seek survival in real estate and ride-hailing services as foreign exchange volatility, high import tariffs, and shrinking consumer spending erode their profits.
From car dealers in Lagos’ Berger Auto Yard to traders in Alaba International Market, the story is the same — warehouses are closing, and long-time importers are selling property or signing up with e-hailing platforms just to keep food on the table.
Emmanuel Amaife, who has been importing electronics for over a decade, told our correspondent the math no longer adds up. “You used to buy ten items with ₦100,000. Today, that same money can only get you three,” he said. “When clearing costs, tariffs, and forex keep climbing every week, the business stops making sense. Many of us are watching our capital vanish.”
Since the naira was floated in 2023, the exchange rate against the US dollar has jumped from ₦455 to over ₦1,760, a surge of more than 300 percent. For vehicle importers, that means funds that once bought four used cars now barely cover the cost of one.
Prince Ajibola Adedoyin, president of the Association of Motor Dealers of Nigeria (AMDON), said the fallout has been severe. “Imports have dropped sharply. Even when you bring in a vehicle, buyers are fewer because prices have tripled. Some dealers simply can’t cope and have pulled out entirely,” he explained.
Many of the traders we spoke with described taking on other ventures to salvage what’s left of their finances. “Real estate isn’t easy either, but at least you don’t wake up to a new exchange rate every morning,” Amaife said with a weary laugh. “Some of us are driving for e-hailing companies now. It’s not glamorous, but it pays the bills.”
The broader economic impact is already visible. Traders point to mounting unemployment, rising insecurity, and young people abandoning education because their families can no longer afford school fees. “We used to employ staff, salespeople, even mechanics indirectly,” said one former car importer. “Now those people are out of work, and that’s dangerous for the country.”
Both Amaife and Adedoyin believe government intervention is the only way to stop the exodus from the import sector. They are calling for low-interest loans, stable forex access, and gradual tariff adjustments to give businesses room to breathe.
“If nothing changes, more importers will close shop,” Adedoyin warned. “And when that happens, transportation costs, unemployment, and insecurity will all get worse. This isn’t just our problem — it’s a national problem.”
