The Federal Government has decried the $9 billion spent annually on importation of about 400,000 vehicles into the country. Speaking separately yesterday at an automotive event held in Abuja, the Minister of Trade and Investment, Richard Adeniyi Adebayo, and the Attorney General of the Federation and Minister of Justice, Abubakar Malami, said the huge Foreign Exchange (Forex) leakage affected the economy negatively. The trade minister made a case for increased local content usage in domestic production of vehicles to crash the price of locally made vehicles.

Adebayo, who was represented at the event, said more Nigerians would be able to purchase locally manufactured vehicles if the high price could be crashed by using locally sourced raw materials. He said Nigeria was importing vehicles from many countries across the world and exporting none, thereby creating trade deficit in Nigeria’s automotive industry.

The justice minister on his part pledged legal support needed to narrow the huge vehicle import bills burdening Nigeria. He said his office would speed up legislations relevant in revamping the auto industry to make it attractive to investors. Malami further said there was need to stop the leakage of the $9bn annually via vehicle imports by providing legal support for the country’s domestic auto industry.

Read more: https://www.dailytrust.com.ng/fg-decries-9bn-forex-leakage-through-vehicle-imports.html

Industrialised countries are importing cars, what trade deficit? What is $9 billion in auto imports compared to trillions of oil revenue to make up for the trade deficit. Difference is our leaders steal our own forex revenue. When are we going to be exporting automobiles when government is the highest importer of Toyota hilux and land cruisers? Politicians are driving Mercedes and range rovers but worry about common man importing camry. All government should use locally made Innoson but instead our Nigerian automaker pioneer is being sued upandan by GTB, taxed upandan by customs and FIRS, no incentives like is afforded Dangote and others.
Abeg una park one side jare, confused leaders.

Some of the imports are financed by Nigerians in diaspora. Another way to send money home

Its time to patronize m\de in Nigeria

Slowly but ssteadily we shall get there

This people wan ban vehicle importation again
Na wa o
Next devil indeed

C'mon, there was a whole revelation about this nonsense during the Stealer Oduah BMW import waiver scandal. Coscharis' fingers were caught in the cookie jar....

Did they do anything about controlling the gap? No.

Its been almost 6yrs.