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Nairaland Forum / Nairaland / General / Business / FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives (30661 Views)
Budget: FG Raises Non-oil GDP Projection To N104tn / FG Slashes Import Duties On 115 Items / Government Raises Import Duties On Consumable, Luxury Goods (2) (3) (4)
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Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:38am On Jan 03, 2017 |
AdeniyiA: U are getting it upside-down. U are talking about infrastructural deficiencies which I agree with u. However I also stated that unlike before far more funds are currently going into infrastructural development. For two straight years, capital expenditure Av jumped up and that is a fact. These things take time. We cant wait to solve all our infrastructural problems before moving to the next thing. This is the jet age. Did u read the part of the article where govt reduced the tariff to be paid for essential industrial accessories? Is that not an incentive for industries? Like any policy, there will always be disadvantages no doubt but on this one, the advantages outweighs the disadvantages. 2 Likes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Eastactivist: 7:40am On Jan 03, 2017 |
malele: Baba, do you mind those people, they are bigots of Yoruba stock trying to save face for the most clueless cashier we call finance minister in person of kemi. They know nether, I thought the recession should have reset their brains by now, but they have proven me wrong. They are irredeemable zombies. 1 Like 1 Share |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Danpotter(m): 7:41am On Jan 03, 2017 |
Most people commenting are clowns, nigeria most produce but u will never make an attempt , and moreover this will encourage massive inflation of prices by farmers. We are already in famine but our ruthless leaders are enthusiased to make it harder, My GOD has any fund been given for massive agricultural production, rice plantations in ebonyi has been bored down for years due to lack of mechanised equipments and no hope for that |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:42am On Jan 03, 2017 |
nextstep: Yes, am simply telling u to work more and cough out additional funds to clear ur LUXURY GOOD. U are are above majority of Nigerians who are poor and the last thing on their mind is to buy a car. U are among the privilege. 1 Like |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:44am On Jan 03, 2017 |
passyhansome: So u think sub standard drugs are never imported into the country? Can u swear that u Av never seen a super standard drug produced by our pharmaceutical companies? Please...... 5 Likes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by loswhite(m): 7:45am On Jan 03, 2017 |
Corrinthians:are you the poor? Do rich ppl buy Tokunbo cars? smh? To boost local production you need enabling environment please do we have that? Do we have power? Do we have road infrastructure? The local producers price will also go up because of demand and supply curve ,ultimately their price will still compete with imported goods. This is not for the masses this for the government to generate more revenue make no mistake about that 1 Like 1 Share |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by bookface: 7:45am On Jan 03, 2017 |
Hiking duties to stimulate local production is just nonsense. What local production of anti-malaria drugs or anti-bacterial drugs will meet the needs of 180 million people? Taxing consumption at a time of rising prices is simply idiotic. It will bring more hardship on the people. Our existing industries simply do not have the means to increase capacity at a rate that will meet demand without price increases. This government is absolutely incompetent and completely clueless. Adeosun should resign. 1 Like 1 Share |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 7:45am On Jan 03, 2017 |
delpee: On point. |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Nobody: 7:46am On Jan 03, 2017 |
ckmayoca:There is no way our local producers will not increase price to profiteer from the Policy. You can imagine imported rice selling for about N35, 000 while locally produced rice will sell for about N13, 000. Besides, I see a situation where rice importers will sabotage the production of local rice. It happens in petroleum, electricity and cement. 1 Like |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Kingbuhari(m): 7:46am On Jan 03, 2017 |
hopeless and useless idea from clueless government... competitive market is the best in any economy... for instance Nigeria government monopolize cement and other commodities for Dangote while outside Nigeria those things are more cheaper , if we can get it more cheaper elsewhere why not encourage it, you will be forcing me to buy it at ur own fixed price.... Nigeria is a scam buhari is a FOOL 1 Like |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by nigeriancuban: 7:51am On Jan 03, 2017 |
Imposing high tax on foreign products is not the issue but how do you substitute them with our local ones. First of all there is not even a single power supply,there are no raw materials, no proper storage system, believe it or not,the same local products will be as expensive as the same one we are trying to prevent and this time , wig less value...,. |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Lordxeer(m): 7:53am On Jan 03, 2017 |
brainstorming |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Omooba77: 7:53am On Jan 03, 2017 |
malele: Even cement to build infrastuctures is included too. Hope Dangote and lafarge are able to meet local needs.But how far about much noised Lake Rice. |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Profayo: 7:53am On Jan 03, 2017 |
Toketimt:Please like which ones,or you mean foreign companies with branches in Nigeria orv those pharmaceutical companies that produce substandard drugs? |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by riczy(m): 7:54am On Jan 03, 2017 |
Na lie,APC and their cantankerous policy! |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by passyhansome(m): 7:55am On Jan 03, 2017 |
Toketimt: Bro for real am not cool with that policy, watch out how prices will skyrocket. It's going to affect every sector even taxi, market women, you should know people always waiting to for an opportunity to do this. |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by cococandy(f): 7:56am On Jan 03, 2017 |
This is not commendable because there are no sustainable local alternatives. Not with the nonexistent power supply plaguing the nation. He's clueless as to the true situation of things in the country he leads |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Nobody: 7:57am On Jan 03, 2017 |
Toketimt:Let me let you know something. Number one I live in the U.S. And the truth is that the Nigerian govt keeps taking Nigeria for a ride esp Buhari. And yes I work hard for my money in the U.S. I shouldnt be punished for the govt incompetency. If not that my wife is still in Nigeria, what is my business with this rudderless govt. I used to be one of the people that had great hopes for this administration but the more I see them behave I continue to lose hope. A car is really not a luxury. The reason why Nigerians feel a car is a luxury is because many Nigerians are very broke and the govt has refused to do what they should. Rather than promote and sponsor capital projects, build roads, develop infrastructure they are busy chasing shadows. Is it the money I make in the U.S the govt wants to tax? The recently increased tarrif on international calls by 70 percent. Okay fine. Then they increased duty on vehicles okay fine. But one thing they will never get is dollars from people working for it at their useless interbank rate and CBN rate. Whereas if we need dollars from Nigeria, we can get at only black market rate whereas if we want to get it back from the system it will be at bank rate except we sell to aboki. This govt has turn economics on its head. It's not a crime to make money. Or be rich. If you remove incentive for people that have money to make money or spend money the country will further drive into recession. Tell me one successful socialist country. Whereas capitalist countries are successful. The govt even had the guts to increase duties on goods that they cannot produce even in 30 yrs time. Who does that. If you do not know, the govt is indirectly taxing every Nigerian for their gross incompetence. The only people that get forex at bank rates and Cbn rates are the connected. Not me. Not you. And not the poor man on the street. So in short the govt is using our collective wealth to satisfy and subsidize private connected business men and politicians (some of whose names have already been mentioned on this thread) However many Nigerians wouldnt understand this. It's not Chukwudi that works in walmart in U.S and managed to send 2 tokunboh cars to his parents in the village so he can make small profit that should be punished for the govts incompetency. Chukwudi will simply stop sending cars to Nigeria if he cannot make profit. That is why many companies are pulling out of Nigeria. Nigeria in my opinion is not a serious country. Just imagine 4 forex rates. Cbn: 305 interbank: 315-415 western union: 375 black market: 490 Even the banks change rates arbitrarily because they are tired of cbns behaviour. Talkless of investors. Only a fool will invest in Nigeria at this moment or keep his money in Naira because only God knows what the rate or policy will be tomorrow. Tomorrow the govt can just wake up and ban your business. 10 Likes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by freekick: 8:00am On Jan 03, 2017 |
You are making sense. Toketimt: 2 Likes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by greenermodels: 8:03am On Jan 03, 2017 |
malele:you took every word out of my mouth, this to me is a knee jerk reaction to make more money for the government. the government have no clear cut policies to spur local production. 1 Like |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by dotedote: 8:03am On Jan 03, 2017 |
Locally produced goods are costlier than imported ones? gratiaeo: 1 Like |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by dotedote: 8:07am On Jan 03, 2017 |
They bark. That's what they know how to do. All they do is bark bark bark (no matter what) ojinuocheibi: 1 Like |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by pochoo: 8:08am On Jan 03, 2017 |
Toketimt: Thank you 2 Likes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by onatisi(m): 8:08am On Jan 03, 2017 |
It seems someone has fixes the loose screws on buhari. This is a very very good move. Encourage local production by discouraging importation through taxes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by adioolayi(m): 8:09am On Jan 03, 2017 |
Increased import duty on antibiotics and antimalaria... hmm.... The indigenous companies do they have molecules that can effectively combat infections? Claiming they have a particular strength of molecule that is not effective even when u double the dosage I hope NAFDAC will up their game in ensuring quality and not just quantity are being produced by our indigenous pharmaceutical companies... else. PATIENTS suffer, we all suffer |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by HonabFaj(m): 8:10am On Jan 03, 2017 |
malele: You don't have to wait for govt for everything, many companies generate their electricity by the use of IPP powered by CNG and they are running well, NB,Dangote,BOA and many more they don't |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by bettercreature(m): 8:11am On Jan 03, 2017 |
GoggleB:You guys are ignorant! I have nothing to say all i know is we are in serious trouble 1 Like |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by curvilicious: 8:12am On Jan 03, 2017 |
When i read some comments I feel shamed for 50% d populace of Nigeria do not think constructively You applaud govt policies without proper evaluation Imagine d hike without necessary arrangements and deadlines Now d price of locally manufactured goods will rise like ijebu garri since i didn't read anything like price fixing for local goods Imagine % increase on drugs too Who sick go just die 2017 i smell more stress if proper measures are not taken 3 Likes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Nobody: 8:22am On Jan 03, 2017 |
curvilicious: Many Nigerians have gone to school but are not educated. The import duty for a car into u.s (new or used or for personal use is just 2.5%). Whereas in Nigeria they it is how much. Guess? 35% That is after how much clearance and bribe u will pay at the ports. Then increasing import duty on drugs. Come on. Drugs?!!!!!! This govt is WICKED OOOOO!!!!! Simply means that when u fall sick with no reasonable health insurance programme you will not be able to treat yourself. 4 Likes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by darediamond(m): 8:22am On Jan 03, 2017 |
When wisdom is calling this administration always fail woefully. Fix Power Sector and leave the rest to Nigerians both in Educational and Commercial Sector respectively and see if things will not change naturally? Most locally produced products raw materials are all still imported!! No brain only barrels. There are footwear manufactures in Nigeria that there products equals the standards of imported shoes but where is the Stable Power for them to produce let alone they making enough money to advertise on TV etc to create awareness so that fellow Nigerians will know that what they are going to Sokoto to buy is already in there Sokoto(do do do). Give Nigerians Stable Electric Power And Establish straigth-to-point ADVANCE Technical Schools and see how the Country will change Economically within 4 years. Empowered those who already have the Brains either Naturally or via academical training and Polish them genuinely. But can a Man like Buhari think deep and wide to this extent at all? Never I say! Always 1 step forward 10 steps backward is his ways from time being. Hmm, na wa oo! 3 Likes |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:23am On Jan 03, 2017 |
malele: Exactly..there is currently no foundation for production in Nigeria to start to produce these items to meet up , no single antimalarial is already produced in Nigeria except chloroquine and the base is even still imported...what it means is that Nigerians will end up having to pay more for such drugs or just die and yet people are hailing |
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:25am On Jan 03, 2017 |
darediamond: I am afraid Buhari has just sounded the death knell for thousands of Nigerians , we currently import all our drug and those even made here are just assembled here ..there is currently no power ,no Research and Development going on and he expects Nigerians to start making antibiotics overnight 1 Like 1 Share |
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