The Lagos Chamber of Commerce and Industry, LCCI, has cried out, as it advised the Federal Government, to review the import duty on vehicles, in order to bring down the cost of transportation in the country.
It could be recalled, that President Muhammadu Buhari, had in December, 2016, increased the import tariff on all imported vehicles in Nigeria, through the sea borders to 70 percent, as he also reiterated the ban of both new and fairly used vehicles, through the land borders.
The LCCI Director General, Muda Yusuf, reacting to the tariff hike which took effect on January 1, in Ota, Ogun State, said the current import duty on vehicles, was aggravating the cost of transportation in the country.
According to him, there is the need for the Federal Government to urgently review the automotive policy in 2017, because of its adverse effects on the economy.
“The current 70 percent import duty on new cars is prohibitive, and has put the price of new cars beyond the reach of most Nigerians, and corporate organisations.“Similarly, the present import duty of 35 percent on trucks and buses, has also negatively affected the cost of transportation in the economy.“This is a period when importers are already grappling with sharp currency depreciation,’’ the LCCI said.
Post-Nigeria, gathered that the policy did not only increase the tariff, but also restricted the importation of vehicles to Lagos State; as it is the only State that has the best functional sea port in Nigeria.
Presently, some car dealers in the North, have lamented that Lagos State is not a friendly State that will encourage importation, due to fear of extortion by both government and non-governmental agencies, thereby tripping the prices of such vehicles in the open market.
The LCCI Director General, noted that if the Federal Government could review downward the import duty on vehicles, it would enhance people’s standard of living, and boost the economy.
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