The House of Representatives Committee on Industry has endorsed the new automotive policy of the Federal Government, which seeks to increase the tariff on imported cars.

This is coming as the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said the potential for the automobile industry plan was to save as much as N550bn.

The Chairman, House Committee on Industry, Mr. Mohammed Onawo, said the implementation of the policy would attract new investments to the sector, protect local automotive manufacturers and create employment.

Onawo, in a statement made available to our correspondent on Thursday in Abuja by the Federal Ministry of Industry, Trade and Investment, said increasing the tariff on imported cars would encourage the businesses of local manufacturers.

The House Committee on Industry is very insistent on the fact that anybody who is going to import a complete car is going to pay a higher tariff than somebody who is going to manufacture here because that is the only way that you will be able to protect who is going to create employment here,” he was quoted as saying.

Onawo, who was accompanied by 12 other members of the committee on an oversight visit to the ministry, said he was pleased to hear about the new measures.

He added, “Of particular interest to me is how to use tariff to protect local manufacturers. One of the major challenges facing those that are manufacturing cars in Nigeria is the tariff structure.

“If somebody who is importing a complete car is paying less than somebody who is manufacturing, then you are not encouraging the person who is manufacturing. With the new measures being put in place by the ministry, I am sure it will protect those investors who are willing to come to Nigeria and invest by assembling or manufacturing vehicles here.”

In his response, Aganga said the ministry would continue to partner stakeholders in the implementation of its Industrial Revolution Plan.

He stated that the new automotive policy would have a catalytic effect of fast-tracking industrialisation, creating jobs and generating wealth for the country.

The minister said, “The new measures to transform the automotive sector is part of our industrial revolution plan, which is integrated, holistic and based on areas where we have comparative and competitive advantages as a country.

“Likewise, the potential for Nigeria’s automobile industry plan is to save as much as N550bn ($3.5bn) through the reduction of imports. We also have the regional export potential into the West and Central African market, coupled with the availability of a large and trainable workforce.

“Recognising the strategic and catalytic effects of the automotive industry in industrialisation, job creation and wealth formation, among others, emerging economies like Brazil, China, Malaysia, India, Iran, Indonesia, Thailand and South Africa took deliberate steps to develop their automotive industry between the 1960s and the 1980s. Nigeria started about the same time in the 1970s. These countries have, however, developed well-advanced automotive industries now, in contrast to Nigeria.


http://www.punchng.com/business/business-economy/reps-endorse-tariff-increase-on-imported-cars/

Fresh air!!!

Laja Laba: ...

Meaning?

I don't understand dis laba-laba guy o. You posted d topic and u also childishly used "..." to denote what? Rubbish!

Chynx: I don't understand dis laba-laba guy o. You posted d topic and u also childishly used "..." to denote what? Rubbish!

Cool down oga

.

okay o

Dz shit in FP? Op y na

NICE ONE.

i need y'all here,some ghanaians are hungry for our attention,enter page 26 upwards

https://www.nairaland.com/1469381/nigerian-random-facts-didnt-know/28#18906285

IDIOTIOC POLICY FROM IDIOTIC GOVT OFFICIALS.

awwwww

Well... Keke Napep dey there

Seemingly good policy from clueless policy makers

Betaaa,,, made in naija cars sure pass

Burger01: Well... Keke Napep dey there

poor man...ultra poor man

zeelo2014:
Meaning?

Meaning of meaning

Clueless Government.

Increase Tarrif on Older Vehicles and Reduce Tarrifs on New Model Vehicle, Government Should Encourage Importation of Newer Model vehicles.

.

As usual their policies are meant to frustrate the poor.

If Jonathan Dare Increase Tarriffs on imported cars, he should forget returning back to Aso Rock.. Seems like he doesn't care about the masses, how can he on one hand increase the age of cars imported into the country and on the other hand increase import duties...Until homemade cars are made affordable like in India, he shuld know that not everyone can afford these new cars...

Do we have Job security yet What laws are being put in place to strenghten workers right

Its hard to trust those dishonorable reps, and the laws they making... If its not favourable to the common man, then I dnt wana know.. But one thing that Jonathan and his croonies must remember is that, investors coming into the country are only coming here to rip the resources we have left and channel it back to their countries...

I think its time to make laws that will strengthen our society and empower the masses...

Enough of the stealing!!!!!!

When will d House of Rep 'endorse' (pass) extremely important bills like d PIB Bill languishing b4 them like 4ever? That is what I wanna hear...

The spending will rather increase because we don't believe in localy made goods

Rather dumb idiots at the top. How can a made in Nigeria car be more expensive than an imported car. So the best they do is put more hardship on the citizens who are struggling to buy used vehicles. No car loans to buy new cars nothing. Well, to protect the the automotive industry, I feel Govt must do something about making it readily available to Nigerians at very good price. That way, it would make logical sense to stop buying used foreign cars. Well, this news only translates to more money made by Cotonou and other neighboring ports willing to even reduce their tariffs to welcome real business.

Good policy but completely ill timed. There should be enough manufacturers in the country before you can think of something like this. Where are we going to get the new cars to buy? Sickening to say the least.

TRILLIONIAR: The spending will rather increase because we don't believe in localy made goods

Bro, the problem here is not lack of trust in Locally made goods, but lack of enforcement of laws to protect the citizens who use these goods.. A few years ago I bought an igbo made extention cable that nearly burnt my house down... If proper laws and enforcements are in place to checkmate these manufacturers, would they dare sell these products in the market...

In UK and USA and other european countries, you'll find Chinese made goods, mainly substandard quality, but one thing I know is that, these products are only sold in certain type of stores... For instance, Tesco will not sell Chinese made substandard product because they know the legal implications....in return, buyers instill confidence in them...

What our government needs to do in order to build confidence in local made products is to make and enforce consumer laws...
Humans will only listen when a few has been made scapegoats.... That's enough said...

Policewoman: IDIOTIOC POLICY FROM IDIOTIC GOVT OFFICIALS.

Madam, una no go strike again

Sincerely, I love this idea of development, but the government is not tackling it from the angle that is fair to all.

An investor should not be 'romanced' to the extent of making his goods cheaper by inflating the price of the imported or anti-investor goods, but rather the government should reduce tax and what have you on the imported goods to challenge the investor to subsidizing more.....just my thought!

Again, the government seems reasonable having the unemployed at heart by signing this deal, but what is the gain if only couples of unemployed are considered, while the poor ones wouldn't be able to afford the basic luxury!

Creating jobs at the detriment of the poor/average Nigerians aint it....it should be in equilibrium!

In a nutshell, government should leave the way importation of vehicles has been , and allow the investor to deal and capture our minds....let them compete!

Unless we indeed want CHINA'S REVOLUTION, and of which I don't even think we are ready for with all these footballers in the politics!

Silly and retrogressive law makers.

great1: If Jonathan Dare Increase Tarriffs on imported cars, he should forget returning back to Aso Rock.. Seems like he doesn't care about the masses, how can he on one hand increase the age of cars imported into the country and on the other hand increase import duties...Until homemade cars are made affordable like in India, he shuld know that not everyone can afford these new cars...

Do we have Job security yet What laws are being put in place to strenghten workers right

Its hard to trust those dishonorable reps, and the laws they making... If its not favourable to the common man, then I dnt wana know.. But one thing that Jonathan and his croonies must remember is that, investors coming into the country are only coming here to rip the resources we have left and channel it back to their countries...

I think its time to make laws that will strengthen our society and empower the masses...

Enough of the stealing!!!!!!

So India, and other nations like China and Brazil, waited until 'home made cars were available' b4 they started instituting Tariff structures in order to protect its local Auto industry, right??

Why dem no go support am, There will be more money to loot