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Nairaland Forum / Nairaland / General / Business / Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo (399 Views)
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Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo by Agbegbaorogboye: 8:33am On Nov 26, 2020 |
The decision to slash duty on imported vehicles in the country is not an attempt by the Federal Government to kill the country’s automobile manufacturing industry, but to reduce the cost of transportation on the people in the face of growing economic challenges, Vice President Yemi Osinbajo has said. https://www.premiumtimesng.com/news/top-news/427760-why-nigeria-is-slashing-duty-on-imported-cars-from-35-to-5-osinbajo.html |
Re: Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo by Agbegbaorogboye: 8:36am On Nov 26, 2020 |
We should expect Ghana to start importing cars into Nigeria soon. Niger is already importing fuel with the policy that killed our refineries. My question though for VP is, where was this demand-supply analysis when the border was shut against rice? 1 Like |
Re: Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo by Jollylolly(f): 8:49am On Nov 26, 2020 |
Car dealers have had to adopt different strategies to encourage buyers and boost sales. Enable vehicle owners to be able to put further beyond the reach of the Nigerian middle class, especially in the face of poor credit access and high lending rates in the economy. This is a good move really. December is around the corner, Nigerians dont want high t.p to travel for festival. |
Re: Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo by Johnrake69: 8:50am On Nov 26, 2020 |
Ok |
Re: Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo by Ebunoluwa2020(f): 8:54am On Nov 26, 2020 |
I love the part where the VP said the logic in the policy has always been that if duties and levies are increased on imported cars/vehicles, local production will become more competitive. Besides, he said with the annual demand for vehicles in the country currently at about 720,000 against actual local production by the available assembly plants at about 14,000, the country would not realise the national need. |
Re: Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo by Thunder1010: 8:55am On Nov 26, 2020 |
Nice development |
Re: Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo by Agbegbaorogboye: 9:37am On Nov 26, 2020 |
Jollylolly:So you really believe making cars cheaper will bring down transport cost in a largely informal road transport sector where over 60% of the cars used come in through smuggling? Choose one. Between fuel price and car price, which do you think will have an immediate effect on transport cost? |
Re: Why Nigeria Is Slashing Duty On Imported Cars From 35% To 5% — Osinbajo by Agbegbaorogboye: 9:40am On Nov 26, 2020 |
Ebunoluwa2020:I have respect for the VP but he's simply standing logic on its head. This govt has always proudly touted protectionist policies. So this is a big somersault in that regard. But that's besides the fact that, history has shown that when you become a dumping ground for foreign goods, your local industry dies. That's why I asked where was the demand analysis before rice import was crumpled? |
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