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Saturday, 3 January 2015

BUSINESS NEWS: Federal Govt Imposes 70 Percent Import Duty on ‘Second-Hand Vehicles’ in Nigeria


Prices of imported used cars are expected to rise appreciably in the New Year as the Federal Government begins the collection of 70 per cent duty on second-hand vehicles imported into the country from January 1, 2015. This is the second phase of the national automotive policy, which was announced in November 2013.In a move to encourage local assembling of vehicles, the government had last year raised the import tariff on fully-built cars and used vehicles from 22 per cent to 70 per cent. The first phase of the policy involving the payment of 35 per cent duty came into effect in February 2014.



The second phase of the policy involving another 35 per cent increase of the levy, expected to take effect on July 1, 2014, was later postponed to January 1, 2015 after consultations with stakeholders.



Following the first 35 per cent duty increase on imported used cars, auto dealers at the Berger Yard Auto Market along the Apapa/Oshodi Expressway in Lagos reportedly reduced the number of imports by half due to a corresponding rise in the cost of imports.



Dealers, who spoke with our correspondent, said sales had been badly hit as a result of the implementation of the first phase of the policy.



When punch correspondent visited the Berger Yard Auto Market on Tuesday, activities had considerably slowed down. Car dealers hanged around the various parks at the huge market and called out to passers-by in the hope of getting them to purchase some of the vehicles on display.
#EdesonBusinessNews – *TOKUNBO CARS* 
=Federal Govt Imposes 70 Percent Import Duty on ‘Second-Hand Vehicles’ in Nigeria =
-In a Swift Move to Encourage Local Assembling of CARS in Nigeria -- 



Prices of imported used cars are expected to rise appreciably in the New Year as the Federal Government begins the collection of 70 per cent duty on second-hand vehicles imported into the country from January 1, 2015.



This is the second phase of the national automotive policy, which was announced in November 2013.



In a move to encourage local assembling of vehicles, the government had last year raised the import tariff on fully-built cars and used vehicles from 22 per cent to 70 per cent. The first phase of the policy involving the payment of 35 per cent duty came into effect in February 2014.



The second phase of the policy involving another 35 per cent increase of the levy, expected to take effect on July 1, 2014, was later postponed to January 1, 2015 after consultations with stakeholders.



Following the first 35 per cent duty increase on imported used cars, auto dealers at the Berger Yard Auto Market along the Apapa/Oshodi Expressway in Lagos reportedly reduced the number of imports by half due to a corresponding rise in the cost of imports.



Dealers, who spoke with our correspondent, said sales had been badly hit as a result of the implementation of the first phase of the policy.



When punch correspondent visited the Berger Yard Auto Market on Tuesday, activities had considerably slowed down. Car dealers hanged around the various parks at the huge market and called out to passers-by in the hope of getting them to purchase some of the vehicles on display.


Bussy Duro likes this.

Jesse Osayande Vucinic Ehiagwina

How come oil importation hasn't been stopped to encourage local production?.

John Asukwo

Goodluck will never fail to surprise me. The same way he increased fuel price from #65 to #140 last January.

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