L
LequteMan
Guest
The Federal Government of Nigeria is set to increase import duty on second-hand cars by another 35% from Thursday January 1, 2015 in fulfillment of the National Automotive Policy.
This increase is the second phase after it was already increased by 35% in February 2014. Implementation of the second increase brings to tariff to 70% in a little under one year for poor Nigerians who cannot afford to buy brand new cars.
Beneficiaries of this increase are local vehicle manufacturers like Innoson, Nissan etc. and the Minister of Trade who for some inexplicable reasons believes the timing of the policy is right.
The economic outlook for 2015 already looks grim for the average Nigerian with the Naira devaluation (N190$/ at the black market, likely to hit N200 soon) and the falling oil prices ($57/barrel according to Bloomberg), so is this the right time or conditions for FG to implement such a policy?
#Nairametrics #Bloomberg #Nigeria
This increase is the second phase after it was already increased by 35% in February 2014. Implementation of the second increase brings to tariff to 70% in a little under one year for poor Nigerians who cannot afford to buy brand new cars.
Beneficiaries of this increase are local vehicle manufacturers like Innoson, Nissan etc. and the Minister of Trade who for some inexplicable reasons believes the timing of the policy is right.
The economic outlook for 2015 already looks grim for the average Nigerian with the Naira devaluation (N190$/ at the black market, likely to hit N200 soon) and the falling oil prices ($57/barrel according to Bloomberg), so is this the right time or conditions for FG to implement such a policy?
#Nairametrics #Bloomberg #Nigeria
