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Nairaland Forum / Nairaland / General / Car Talk / New Policy On Importation Of Tokunbo Cars: Big News Page (37938 Views)
New Year Gift From Govt : Tokunbo Cars To Cost More From January 1 / Ban On Importation Of Tokunbo Cars: What You Should Know / FG To Phase Out Tokunbo Cars (2) (3) (4)
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Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 11:03am On Dec 30, 2013 |
Update: 9. Many people think this ban will not take effect. They believe the government will reverse the decision at the last minute. Such people include a few Nairalanders I have heard from. Unfortunately, their beliefs are based on gut feelings and not any concrete information. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 11:15am On Dec 30, 2013 |
Update: 10. We now have a sample picture of what the N1.2M made in Nigeria car might look like. See picture below. Picture courtesy of Ndu Chuks.
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Re: New Policy On Importation Of Tokunbo Cars: Big News Page by cuteboy2: 5:42pm On Jan 01, 2014 |
solomon111: Don't be naive. But govt should only propose increased tariff for existing manufacturing plants. As far as I know there is no single car assembly plant functioning in Nigeria. What we have are two truck and bus assembly plants: Innoson plant at Nnewi and NTM at Bauchi (not sure if NTM is still functioning). There is absolutely no move or indication that the following importers: Coscharis (BMW, Range Rovers, Porche, Jaguar, Mini), Stallion Group owned by Vaswani brothers (Honda, VW, Audi, Skoda); Dana Group (importers of Daewoo and Hyundai), Toyota Nig Ltd (owned by Chief Adeojo), Globe Motors (Honda & Mercedes), Bras (Mercedes), RT Briscoe (Ford), SCOA (chevrolet and Nissan) have any car assembly plant under construction. To make matters worse, govt begins to give them importation moratorium and waivers, they will simply sell at new prevailing elevated market prices once the new tariff kicks in, ripping off govt one side, and poor masses on the other. We all know that the bulk of the cars bought by Nigerians are used cars, though the age are younger of recent. It will hit the poor and the middle class hard. Even prices of parts will go through the roof. So even if you own a car already don't rejoice yet. The tariff increase should have been gradual, scaled to align with progress in construction and streaming of new car manufacturing plants. Please note that objective of govt is not for manufacturers to invent new Nigerian brand of car, but to encourage importers to assemble at least the brands they currently import. So it has nothing to to with market already being taken over by Toyota and other known brands. 2 Likes |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by cuteboy2: 5:50pm On Jan 01, 2014 |
BizBooks: Update: Why must it look SMART car posted by Ndu Chuks? Why cant it look like the Tata Nano which is even cheaper? In any case, and with all due respect this is a wrong interpretation of this govt policy. Please note that objective of govt is not for manufacturers to invent new Nigerian brand of car, but to encourage importers to assemble at least the brands they currently import. 1 Like |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 12:04pm On Jan 02, 2014 |
cute-boy: The government said brand new cars will be sold for N1.5M or less. But they did not show pictures of the cars they have in mind. In the absence of that, we are using our best judgment to predict the type of cars that will likely sell for N1.5M. Certainly, you do not expect Toyota to sell a brand new Camry or Corolla for N1.5M even if they were made at GEJ's hometown. 5 Likes |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 12:10pm On Jan 02, 2014 |
Update No 11: I heard that a circular regarding the ban was passed around by the Nigerian Customs recently. Unfortunately, my source did not get a copy. If you are a clearing agent in possession of the circular, please share the contents with us. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by infolpf: 6:49am On Jan 03, 2014 |
BizBooks: BizBooks - Not sure why you refer to it as a "ban". I sympathize that it may affect your business, but really Used cars are not in any way banned by the new rule, it just makes it more expensive to import a used or new car into Nigeria. I am not going to debate the logic behind the measure, because frankly I could argue a million ways for AND against! However, while the effective increase feels punitive, especially without a graduated implementation (small by small increase), I do hope that the end result is an improvement in the quality of vehicles being imported to Nigeria! All the junked and salvaged vehicles that end up on our shores are dangerous and frankly I am not sad to see the last of them! A number of other countries have incredibly high customs duty rates also. 1 Like |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by txswat: 7:09pm On Jan 03, 2014 |
For those defending this new law I think you need to re-evaluate the intent and implementation of this law separately to understand why people are upset. Nigerians will gripe and groan about anything that'll cost them more but most will be okay with it if there is an eventual net gain for them even if it takes a few years. While the proposed plan/idea is good, the implementation is an absolute disaster waiting to happen. I could explain it again but this video explains it better https://www.youtube.com/watch?v=tM8bGPrKLXk When everyone is allowed to play on an even playing field then Nigerians will buy into the idea but as long as the rich or "friends of government" are allowed to play on a level that gives them a significant advantage over the populace the outcry will only get louder. While I have no hard evidence I believe this will play out like the oil subsidy issue. Eventually they'll reduce the duty somewhere between 20% and 70% and declare a "compromise" has been reached while their original goal of monopolizing the auto industry market is still somewhat attained. Most civilized countries would never pass a law like this without providing significant research data to back up the NEED for the law and some public support. Where do we start a petition? 1 Like |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by Ikenna351(m): 7:26pm On Jan 03, 2014 |
BizBooks: Please use this thread to provide updates on this topic as you see fit. Here are the Op, I strongly advice that you stop starting Political topics in Car Talk. If you have issues with Federal Govt. Policies, take the discussion or debate to Politics Section. Or you can as well as start such topics in Autos section, for matters that involve sales of automobiles. Moderator |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by Ikenna351(m): 7:30pm On Jan 03, 2014 |
Any more posts here for or against Government or it's policies will be removed. Repeating the same offence will lead to a ban. Moderator |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 8:02pm On Jan 03, 2014 |
Update No 12: Txswat of Nairaland is reporting that the new 70% tarrif will take effect on January 10. However, he did not provide a source for his information. We will find out on or after January 10 if that is true. Link: https://www.nairaland.com/1574300/new-import-duty |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by txswat: 1:20am On Jan 04, 2014 |
Mr moderator I think this post is appropriate in this section. This is a "car talk" section and we are discussing issues affecting the auto buying/selling industry. Please reconsider your "warning" and allow further discussion on this matter in this section. Also I got a the memo of the 70% tarrif and I am trying to post it but file is too large 400KB. Anyone know how to attach a file that size? |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 1:50am On Jan 04, 2014 |
txswat: Also I got a the memo of the 70% tarrif and I am trying to Send the file to me and I will re-size and post it here. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by txswat: 5:02am On Jan 04, 2014 |
@bizbooks not sure how to send it to you but here are the attachments
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Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 2:27pm On Jan 04, 2014 |
Very Important Update: A memo originating from the office of Ngozi Okonjo-Iweala stated that tokunbo cars shipped after January 10, 2014 will incur the new 70% tariff. The shipment date will be determined by the date on the Bill of Lading. Here's the relevant portion of the memo: With effect from 9th October, 2013, Form M and letter of credit must be established and last shipment date evidenced by Bill of Lading dated on or before January 10, 2014. This will come as a welcome relief to thousands of people including myself who have cars arriving throughout January. As long as the Bill of Lading is dated before January 10, 2014 we appear to be fine. At least that's how I understand this statement though it is a bit ambiguous. In my case, the vessel left the US on December 14, 2013. See copy of memo obtained from Txswat of NL below. It was dated 14 November, 2013.
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Re: New Policy On Importation Of Tokunbo Cars: Big News Page by ShodekConnect: 10:43pm On Jan 05, 2014 |
Nigeria need importation of Used and New Cars. Instead of the ban, Nigeria Government should have given the New Car Manufacturers subsidy, Tax Credit, and other ways to encourage them and help facilitate a close to fair ground. The New Car manufacturers can offer better Warranty, Support Services, and Government can encourage Bank to be more flexible with Auto Loans, Vehicle Tracking system, and many more ways for Customers to consider their product. Also, please make a good looking and durable Car Please. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 12:52am On Jan 06, 2014 |
ShodekConnect: Instead of the ban, Nigeria Government should have given the New Car The problem is that the new car manufacturers are not yet on the ground. They are still making plans to build plants in Nigeria. Building a car manufacturing plant is not child's play. It will take at least 3 - 5 years to come to fruition. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 1:19am On Jan 06, 2014 |
Update No. 14: A delegation of the Road Transport Employers Association of Nigeria (RTEAN) met with GEJ and requested "tariff waivers on all vehicles it imports". Will the ordinary citizen get such waivers too? If waivers are given to one group, it should be given to everybody else. Source: http://www.punchng.com/news/automotive-policy-will-not-inflict-hardship-on-nigerians-jonathan/ |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by sultaan(m): 6:44pm On Jan 06, 2014 |
ShodekConnect: Nigeria need importation of Used and New Cars. Instead of the ban, Nigeria Government should have given the New Car Manufacturers subsidy, Tax Credit, and other ways to encourage them and help facilitate a close to fair ground. The New Car manufacturers can offer better Warranty, Support Services, and Government can encourage Bank to be more flexible with Auto Loans, Vehicle Tracking system, and many more ways for Customers to consider their product. Also, please make a good looking and durable Car Please. They have given new car manufacturers all they have and all they can do now is roll dice on increased tarriff while Benin makes money |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by haywhy80: 9:23pm On Jan 06, 2014 |
BizBooks: Very Important Update: I need help here. Can someone affirm the authenticity of this document? I have been hearing different stories about the new tariff. To me, FG is doing the right thing at the very wrong time. 1 Like |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 10:22pm On Jan 06, 2014 |
haywhy80: The document is authentic. Several newspapers referred to it but fell short of posting the actual memo on their website. Below is a reference made by the Guardian to the same document. As you can see, the take off date (January 10) corresponds with the date on the copy produced by Txswat. "Through a letter to the Comptroller General of the Nigeria Customs Services (NCS), Chairman of the Federal Inland Revenue Service (IFRS) and private service providers at the country’s ports, she (ie Okonjo-Iweala) gave January 10 as takeoff date." However, like you, I'm hearing other stories too. For instance, a source informed me today that there will be a 3 month extension in the implementation of the new tariff. But that has not been confirmed by any news outlet. So take it with a grain of salt. Source: http://ngrguardiannews.com/index.php/business/business-news/140484-automotive-assemblage-a-cloudy-new-policy |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by Americanspecs(m): 2:26pm On Jan 08, 2014 |
BizBooks, Txswat and others, you guys have done well. That attached document is exactly what i have been looking for. I finalized my container yesterday and the dock receipt shows Jan 6th. I just hope the date on the bill of lading will show the same. Will call my shipper to make sure. Thanks guys. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by BizBooks(m): 3:25pm On Jan 09, 2014 |
@Moderators, Why was my response to Ikenna351 hidden? I have re-read a saved copy of the response and it contained absolutely nothing that should cause it to be hidden. People express strong disagreements with Seun everyday on NL and their posts are not hidden. Why should this one be? Please un-hide my response or for equal measure, hide the comments from Ikenna351 that caused my response. Anything less will amount to censorship. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by Nobody: 4:03pm On Jan 09, 2014 |
an average worker-middle class can not afford to buy a car for 1.2million,its a selfish policy-these politicians do not know that Nigerians have no savings-we are our own government...provide our own water,electricity,security-food is expensive,so how can one save 1.2million if not a criminal or corrupt person. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by mayo47(m): 4:07pm On Jan 09, 2014 |
We should all revolt against this policy, though this is a good policy its so coming at the wrong time. I expect once the tariff increase start, there should be several local options but none yet. Even if the toyotas, hondas come set up a factory to assemble they still can't sell new cars for $9,500 which about equivalent to the N1.2m- 1.5m govt said, it wouldn't still stop or reduce foreign exchange rate because they still need bring their equipment from their base. I doubt if innoson sell their vehicles between below 1.5m. The Ministers of trade and finance really missed it on this. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by kakakibuy(m): 4:12pm On Jan 09, 2014 |
Can anyone confirm if this is what the New Policy really implies: In the event that Govt goes ahead with the new tariffs, how will it affect you? Let's take a look at this scenario. If we assume that at current rates, you need 220,000 Naira to clear a Toyota Camry, whose cost is 986,000 Naira (Total final Cost) When the 70% increase kicks in, our agent at the port explained that this means there will be a 70% increase in the 220k thus bringing clearing cost to 374,000 Naira and Total final cost to 1,140,000 Million Naira. An increase of 154,000 Naira!! |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by Syenite(m): 4:16pm On Jan 09, 2014 |
distribute inc.: What is your definition of middle class? For your info, the middle class are the highest spenders anywhere in the world.What is 1.2million naira. |
Re: New Policy On Importation Of Tokunbo Cars: Big News Page by UyiIredia(m): 4:19pm On Jan 09, 2014 |
solomon111: Nigerian rice is cheaper or at most, at the same price with the imported rice. Thai and Malay imported rice are more readily available and well-packaged hence the preference. I also think your analysis fails because the govt. hasn't attended to basics. In any case, I will keep crossed fingers. |
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