LAGOS — THE Federal Government has reviewed the bar on used vehicles otherwise known as Tokunbo by increasing the age limit from 10 years to 15 years.

Similarly, textile materials fabric, embroidered garments and other printed materials that were banned before now have also been removed from the prohibition list

A circular from the office of the Minister of Finance stated that President Goodluck Jonathan approved the removal of furniture from the prohibition list but with a 20 per cent import duty and 20 per cent levy.

The circular with reference number BD.12237/S.403/VOL.1/206 and dated November 19, 2010 has also been sent to the relevant agencies which include the Nigeria Customs Service and the three destination inspection services providers— Cotecna, SGS and Globalscan.

The circular entitled: “Revision of schedule three-import prohibition list (trade) of the 2008-2012 Common External Tariff (CET)” and signed by the Minister of Finance, Mr Olusegun Aganga, is to take effect this month.

Part of the Circular reads: “This is to confirm that Mr President has granted approval for the under listed products to be removed from the import prohibition list.

“Furthermore, Mr President has approved an import duty rate of 10% plus 10% levy on health and energy drinks which has been excluded from the import prohibition and extension of the age of used motor vehicles to be imported into the country from the 10 years to 15 years from the year of manufacture”

What do you think? Good or Bad!

Co-incidentally.  .   . 

The Deji of Akure, Oba Adebiyi Adesida, on Monday, appealed to the Federal Government to increase the age of used cars being imported into the country to 15 years from the current mandatory 10 years.

The monarch made the appeal while playing host to the Controller of Customs in charge of the Ondo/ Ekiti states Command of the Nigerian Customs Service, Alhaji Umar Yussuf, who paid him a courtesy visit in his palace.

The monarch said vehicles below 10 years had being found to be too expensive for middle class Nigerians to afford.

Punch Oct10

If this is true, it is a cheery news!

Yes - good. Those older cars get into the country anyway, they increased smuggling of cars through the borders. This will surely curb/reduce smuggling of such.

Dis Guy:

LAGOS — THE Federal Government has reviewed the bar on used vehicles otherwise known as Tokunbo by increasing the age limit from 10 years to 15 years.

Similarly, textile materials fabric, embroidered garments and other printed materials that were banned before now have also been removed from the prohibition list[/b]A circular from the office of the Minister of Finance stated that President Goodluck Jonathan approved the removal of furniture from the prohibition list but with a 20 per cent import duty and 20 per cent levy.

The circular with reference number BD.12237/S.403/VOL.1/206 and dated November 19, 2010 has also been sent to the relevant agencies which include the Nigeria Customs Service and the three destination inspection services providers— Cotecna, SGS and Globalscan.

[b]The circular entitled: “Revision of schedule three-import prohibition list (trade) of the 2008-2012 Common External Tariff (CET)” and signed by the Minister of Finance, Mr Olusegun Aganga, is to take effect this month.

Part of the Circular reads: “This is to confirm that Mr President has granted approval for the under listed products to be removed from the import prohibition list.

“Furthermore, Mr President has approved an import duty rate of 10% plus 10% levy on health and energy drinks which has been excluded from the import prohibition and extension of the age of used motor vehicles to be imported into the country from the 10 years to 15 years from the year of manufacture”

What do you think? Good or Bad!

What happened to protecting our local textile industry?, cars fine but the textiles aint just write

but the Textile industry is dead because of smugglers as well. How many people patronise Nigerian made textiles? Dont people still smuggle in foreign textile in preference to locally made textile?

I still believe the Nigerian textile industry should have been protected this is bad news for textile companies but common sense prevailed at last on regarding used cars

igochopur$:

but the Textile industry is dead because of smugglers as well. How many people patronise Nigerian made textiles? Dont people still smuggle in foreign textile in preference to locally made textile?

do we still have any textile factory in naija
thought all a dem migrated to Ghana

Men, this could be really bad business for all the NL Cotonue hustlers as Inspired man and co will now be wiring all their aged autos straight to TINCAN.

Anyways, the good side to it is that there won't be any more rip-off for customers who sometimes lose their entire fund trying to smuggle an 11yr old car from Cotonue.
But then, did they consider the impact on the local auto industry that is just trying to rebuild, especially the entrance of INNOSON MOTORS    

GEJ barelly releases NGN30B to the textile industry just about 3 months ago and he has decided to remove import restrictions on these same materials. What is the idea here pls? How does he intend to recoup the 30B already given out to these guys?

Good

confetti:

GEJ barelly releases NGN30B to the textile industry just about 3 months ago and he has decided to remove import restrictions on these same materials. What is the idea here pls? How does he intend to recoup the 30B already given out to these guys?

If the local industries can produce something befitting for the "naija generation", then i believe GEJ will recoup his billions in no time.

. . . . . @confetti, i know u are good looking, but i really wonder what u would look like in a "made in Nigeria" fabric

all these are to favour political customers. Another govt would come and do another thing.

igochopur$:

but the Textile industry is dead because of smugglers as well. How many people patronise Nigerian made textiles? Dont people still smuggle in foreign textile in preference to locally made textile?

The textile industry is dead in Nigeria not because of smugglers,but largely due to lack of power (E-L-E-C-T-R-I-C-I-T-Y).

You can't run that kind of business on diesel  .

So the FG has done the right thing ! There's enormous demand,so why restrict supply? Govt don dey get sense for naija !

Good news on the tokunbo cars, but bad news for textile industry,i believe this Goverment is confused honestly,the goverment that claim to give a lifeline of 500billion to revive textile industry suddenly wake up to allow the same textiles mateial to be importing to the country,is like building a house with your right hand and using your left hand to destroy it,this is pure confusion and a clear case of visionless PDP Goverment.Rubbishhhhhhhhhhhhhh

Jonathan is doing the right thing,afterall the banned vehicles and textiles have being finding there ways into Nigeria one way or the other.
I think what Mr. President has done is to properly channel the duties to the F.G" account.
The series of police,immigration,customs and other nameless forces on the seme border have actually being benefiting from these goodies,
now it will properly be channeled into the F.G's pocket.

Another good thing the president has done is that in the textile industry there will be a favourable conpetition.If made in Nigeria is very cheap,importers will be discouraged from shipping in,they will become distributors to the factories.

Any reason given for the unexpected relaxation of some prohibited goods policy

jay bee:

Any reason given for the unexpected relaxation of some prohibited goods policy

you don't get reasons in nigeria, esp coming for Jonathan

_{or perhaps the ijebu/abeokuta/ogun festivals are coming you know they love their parties}

What will be the effect of this on the price of cars going forward especially those in the 10 year range?

I think the decision 'll favour many Nigerians

Dis Guy:

What will be the effect of this on the price of cars going forward especially those in the 10 year range?

^^ I think they'll be a glut in the market for those 99/00 range, the new darling will be the 95/96 by mid next year
but i wonder what the price difference will be in connection with the clearing charges

na wao! cotonue market don fall oooo!

No right thinking government will ever achieve anything by indulging in policy sumersault. This Jonathan is really confused. Those people praising the policy are not looking at the overall effect of removal of prohibition on the economy. That the prohibited items find there way into the country can never be justification to expose our economy to every manner of foreign imports. If with 10-year age limit we saw 15 years old cars enter the country, with the new age limit of 15, we will surely see 20-year old cars and above - perhaps we will start seeing bolekajas being imported. I disagree with this policy inconsistency.

a very good decision by GEJ

This is really a good news. i just told my mum to get ready for importation. Since around 2005/2006 when obj placed a ban on textile importation, Nigerian market has been filled with fake/inferior things clothes from china chinko pple, which encouraged smuggling and caused high prices for quantity materials from UK,us,Korea, Switzerland, Dubai,Bombay, honk etc. Since the coast is now cleared, my old woman will have to shop for Xmas.

We have WAY too many cars on the roads as it is. What needs to be done is a major improvement in the public transportation system.

small hip hip hip no hurray. the government has started thinking right (my 12 years old BMW is better than a kai rio)my hurrays will come when they start using the import duties to develop roads after all the way to consume cars is to drive them on roads.

It sound like a good news.
At least, this will reduce the rate of smuggling into this country that has only boost the economy of the neighboring country like Benin Republic, Ivory Coast, and Ghana.

Then the Govt should insist that some of the dilapidated vehicles used by some transporters (kabu-kabu & taxi operators) now that the price of vehicles will definitely reduce should be banned from our road then.