Vehicle registration and ownership transfer costs in Nigeria have soared to as high as ₦150,000 in 2025 due to new levies, inflation, and informal charges.
The cost of registering a new vehicle in Nigeria has surged to between ₦115,000 and ₦140,000 in 2025, marking a sharp increase from the ₦80,000–₦105,000 range recorded in 2024, according to a report from NAIRAMETRICS.
Industry sources attributed the rise to new regulatory fees, higher production costs for number plates and licenses, and informal levies across states. A senior staff member at Mutual Benefits Assurance confirmed, “Registering a new car in Nigeria costs between ₦115,000 and ₦140,000 today, and it takes between three to five working days to be ready.”
Processing a change of vehicle ownership now costs between ₦130,000 and ₦150,000—more than a new registration—up from ₦90,000–₦115,000 last year. “Change of ownership today now costs ₦130,000. Some others charge up to ₦150,000,” the official added.
Breakdowns show number plates cost up to ₦50,000, third-party insurance rose from ₦5,000 to ₦15,000, while vehicle licenses and certificates also increased.
The CEO of Durjokorey Autos, Kunle Durojaiye, linked the surge to inflation, saying, “The price has been increasing in the last few years.”
Many Nigerians now view car ownership as a luxury, with one Lagos resident lamenting, “Owning a car in Nigeria today is really an expensive adventure.”