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FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives (29962 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 Mibellconsult: 8:27am On Jan 03, 2017
GoggleB:
Nice move..
I love this..

Buhari coming back to his senses gradually.

I'm extremely disappointed in you, This man lack wisdom. This is another hardship year for Some Nigerians.
Let me educate you and your president.

We have poor supporting system to grow in Local production, We can not succeed in Rice farming because we can not even feed our nation with garri produced from our cassava. Our years of experience in Agriculture made us realized that we can not do without importation. Fertilizer, herbicides, Urea, NPk and more are increasing every day. So what are you expecting from our harvest? Men farmers will enjoy but those who don't farm will suffer because there will be serious hardship and no good income.
How many people can afford a new car? Even politicians are purchasing tokunbo. Let me tell you how far we are now, 1 naira is 480 while Bitcoin market is 380k to 410k... Where are we heading? I pray God should remove this man and put a business to rule us.

Cheers

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:27am On Jan 03, 2017
curvilicious:
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

Its sad . Really really sad ...Nigerians are just too dull

2 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by grandstar(m): 8:27am On Jan 03, 2017
VictorRomanov:
One of the best decisions FG has made. 100% in support.


I'd say we should ban any goods that has a local substitute, no matter how poor the quality of the local substitute is.

Let's learn how to produce what we use.

Import substitution policies do not work. Google is your friend.

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:30am On Jan 03, 2017
GoggleB:
Nice move..
I love this..

Buhari coming back to his senses gradually.


Use ur brain dude use Ur brain use Ur brain please use Ur brain
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:32am On Jan 03, 2017
VictorRomanov:
One of the best decisions FG has made. 100% in support.


I'd say we should ban any goods that has a local substitute, no matter how poor the quality of the local substitute is.

Let's learn how to produce what we use.

What's you alternative to to Arthemeter and Lumenfantrine that is critical for the treatment of malaria in Nigeria ? I need Ur answer

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:34am On Jan 03, 2017
Toketimt:


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.

So buying a second hand car is now a privilege ....you need to start using Ur head

2 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by jericco1(m): 8:35am On Jan 03, 2017
mehn person no go chop foreign rice again? me don tire for local rice o
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:37am On Jan 03, 2017
Delonn:


Not a bad move, but this really not going to affect only the rich. There is no price control in Nigeria. The local manufacturers will also up their prices and this will also make the masses suffer the more.
This move can only be sustainable and benefit the masses, if there is a price control on those listed items. My opinion.

What has this got to do with the rich ...did you see that antimalarial and antibiotics are affected?

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by onatisi(m): 8:37am On Jan 03, 2017
idupaul:


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
Pls forgive my ignorance. But you mean there are no drug manufacturing companies in Nigeria? Because I think this policy is geared towards help the local production of drugs
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by mayorchelsea(m): 8:41am On Jan 03, 2017
sometimes this government puts the cart before the horse.This should have been done instead of the outright ban.

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 8:42am On Jan 03, 2017
Profayo:

Please like which ones,or you mean foreign companies with branches in Nigeria orv those pharmaceutical companies that produce substandard drugs?

The post u qouted is not ambiguous but self explanatory unlike this. Read it again and get ur answers.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by malele(m): 8:43am On Jan 03, 2017
12inches1:

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.

God bless bless you for this analysis, this country is finished, you can imagine people in this forum supporting ban of something th country cant produce in the next 30yrs.

Nigerian citizens atimes is the cause of what happens in this country

3 Likes

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:44am On Jan 03, 2017
onatisi:

Pls forgive my ignorance. But you mean there are no drug manufacturing companies in Nigeria? Because I think this policy is geared towards help the local production of drugs

There are a few but they really don't manufacture but just cake ,it means they import the powders and just cake them into tablets ..Most of them you hear of like Fidson are just mega importers, first Buhari should make electricity available and give them time to pick up before all this nonsense ..The only thing going to happen is that prices of drug will increase and fake drugs will have to flood the market once again ..This was the same thing Buhari did in 1984 that made Fake drugs flood the Nigerian market for year till Dora Akunyili came and made a difference

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 8:45am On Jan 03, 2017
passyhansome:


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.

I feel u but that is majorly because of the greed of my country men. The policy is a necessity.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Allergic(m): 8:45am On Jan 03, 2017
My people, are Tokunbo cars luxury good?
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by ollyruffy: 8:46am On Jan 03, 2017
This policy is just to get revenue without considering its effect on the masses.

You pay 18k minimum wage. No power, road, adequate local production, no control of quality and standard of what is being produced, then you ban importation. This is just putting the cart before the horse.

Importation of goods and services must be discouraged but we need to ensure adequate and quality local alternative first.

This is same style of leadership the country has been since 1960 and nothing to show for it.

Buhari should continue, 2019 will soon be here.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:48am On Jan 03, 2017
Toketimt:


I feel u but that is majorly because of the greed of my country men. The policy is a necessity.

I am sorry you have a very shallow mind

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by onatisi(m): 8:48am On Jan 03, 2017
idupaul:


There are a few but they really don't manufacture but just cake ,it means they import the powders and just cake them into tablets ..Most of them you hear of like Fidson are just mega importers, first Buhari should make electricity available and give them time to pick up before all this nonsense ..The only thing going to happen is that prices of drug will increase and fake drugs will have to flood the market once again ..This was the same thing Buhari did in 1984 that made Fake drugs flood the Nigerian market for year till Dora Akunyili came and made a difference
now I understand your point
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by malele(m): 8:48am On Jan 03, 2017
curvilicious:
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

Am tired of this country, it seems we have the most stupid populace in this world, can u imagine people supporting this move from FG?
A country that infrastructure is zero?
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by creepsyme(f): 8:50am On Jan 03, 2017
ckmayoca:
Good step. I hope they regulate the local price also because our people will increase the price if the demand is higher than the supply locally produced items.
my thinking as well.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 8:52am On Jan 03, 2017
12inches1:

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.

U Av lumped up so many issues however because of time I will not be able to attend to is the way I would love it however will just stress these two things and leave out issues this thread isn't brought up to address.
1) as against what u said, a car is a luxury. As long as we can't agree on this foundation, it's a lost cause going ahead with u.
2) over there in US where. Claim u reside, does substantial revenue of ur govt there doesn't come from people's sweat in form of tax? If it is, why are you averse to ur own government taxing heavily luxury goods?
There is no perfect policy anywhere, it has never been formulated. This isn't an exception. If u realise this, u won't find it difficult to understand that govt has good intentions.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 8:53am On Jan 03, 2017
idupaul:


I am sorry you have a very shallow mind

Am sorry ur daftness is worldclass.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:54am On Jan 03, 2017
Toketimt:


Am sorry ur daftness is worldclass.

Put your mind to use dude . You can't see beyond your short nose
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Saintp(m): 8:54am On Jan 03, 2017
We don't even have a national plan on industrialization. I agree with higher duties for yacht, SUV and the real luxury items. However it is just plain stupidity to increase duties on consumables at this time except the govt wants to increase the suffering of Nigerians.

Who told those idiots that the few local alternatives can meet demand and competitive cost? Do you know that made in Nigeria products are much more expensive than imported items?

The govt needs to do the first thing first, fix power and other infrastructures and everything will start fall into place instead of increasing the hardship in the guise of supporting local production. We can follow Chinese model, China had a 10 year industrial plan, they started with rebuilding their infrastructure from scratch, invested in science and technology simultaneously and at the end of their 10 year road map, they had all it takes to become self sufficient then the next 10 year plan was to become an export hub and today we have seen it all.

Top class infrastructures, science and technology is what would spur local production not tariff hikes.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Saintp(m): 8:55am On Jan 03, 2017
We don't even have a national plan on industrialization. I agree with higher duties for yacht, SUV and the real luxury items. However it is just plain stupidity to increase duties on consumables at this time except the govt wants to increase the suffering of Nigerians.

Who told those idiots that the few local alternatives can meet demand at competitive cost? Do you know that made in Nigeria products are much more expensive than imported items?

The govt needs to do the first thing first, fix power and other infrastructures and everything will start fall into place instead of increasing the hardship in the guise of supporting local production. We can follow Chinese model, China had a 10 year industrial plan, they started with rebuilding their infrastructure from scratch, invested in science and technology simultaneously and at the end of their 10 year road map, they had all it takes to become self sufficient then the next 10 year plan was to become an export hub and today we have seen it all.

Top class infrastructures, science and technology is what would spur local production not tariff hikes.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by malele(m): 8:56am On Jan 03, 2017
Toketimt:


Am sorry ur daftness is worldclass.

@tokeimt u are the daft one here.
You need help
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by prof12(m): 8:56am On Jan 03, 2017
malele:





Am not sure u people read the post well.
Let me ask these few questions.

DO u have light for production in nigeria?
Do u have storage systems in nigeria?
How do people get forex for production of SUVS and other antibiotics mentioned?
What prevents the government from puting a timeline to stop these imports?
Hope u people know tarrif for tokunbo cars increased too, how many people Have money to buy new cars?
Hope u people know minimum wage is 18k?

It unfortunate that goat of of president started 2017 like this.

Every developed nation in the world today took the same drastic decision to ban or raise the import duty on many goods that they can produce locally.
You can not wait until you have everything in place before you take decisions .
And moreover, no goods are banned from importation.

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by idupaul: 8:56am On Jan 03, 2017
Toketimt:


U Av lumped up so many issues however because of time I will not be able to attend to is the way I would love it however will just stress these two things and leave out issues this thread isn't brought up to address.
1) as against what u said, a car is a luxury. As long as we can't agree on this foundation, it's a lost cause going ahead with u.
2) over there in US where. Claim u reside, does substantial revenue of ur govt there doesn't come from people's sweat in form of tax? If it is, why are you averse to ur own government taxing heavily luxury goods?
There is no perfect policy anywhere, it has never been formulated. This isn't an exception. If u realise this, u won't find it difficult to understand that govt has good intentions.

You still don't even know how the US got so rich and you want to spew nonsense ...Just another empty Nigerian certificate hunter .T

1 Like

Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 8:56am On Jan 03, 2017
idupaul:


So buying a second hand car is now a privilege ....you need to start using Ur head

U lack comprehension skills. What u read plainly stated that Tokunbo cars are luxury goods. The op that post was directed to is among the privilege considering what he stated. Stop being stupidd
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 8:58am On Jan 03, 2017
idupaul:


You still don't even know how the US got so rich and you want to spew nonsense ...Just another empty Nigerian certificate hunter .T

So in ur daft state, it's a must Nigeria must thread the Path of the US for it to succeed and be rich right? Oponu.
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by REDshouse(m): 8:59am On Jan 03, 2017
Profayo:
Why increase that of antimalarials and antibiotics? Are there viable local alternatives? And it is the poor people that have malaria and infections the most.
you can patronise the locals and herberlist for that....agbo iba to be precise
Re: FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives by Toketimt: 8:59am On Jan 03, 2017
malele:


@tokeimt u are the daft one here.
You need help

Simply because I chose not to thread ur path of foolishness right.

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