₦airaland Forum

The Federal Government has unveiled plans to impose 125 percent and 100 percent import tariffs on used cars and Fully Built Vehicles (FBUs) respectively under a new Nigerian Automotive Industry Development Plan. The Director of Policy and Planning at the National Automotive Design and Development Council, Engr.

Farouk Umar, made this disclosure during a stakeholders’ dialogue session held on the Draft Automotive Bill in Abuja. The initial Automotive Bill passed by the National Assembly but rejected by the President provided for a 70 percent duty on FBUs and a 35 percent duty on used vehicles. Umar said a new draft Automotive Bill which will be re-presented to the National Assembly for consideration would raise the value of the tariffs to encourage the development of the domestic auto industry.

proposed amendments to the Nigerian Automotive Industry Development Plan (NAIDP) seen by Daily Trust, mandates all licensed local assemblers to achieve a 20 per cent local content inclusion target within three years from the commencement/adoption of the reviewed plan. Commenting on the fiscal measure, the Minister of Industry, Trade, and Investment, Otunba Niyi Adebayo, told the stakeholders that in 2016, automobiles and automotive components importation gulped about US $8 billion.

Adebayo clarified further that in the same year, vehicle imports stood at 400,000 units, out of which 75 per cent of the vehicles imported were pre-owned while 25 per cent were new vehicles or fully built units. “The Nigerian market and growing population of the middle class has proven to be the focal attraction for investors with enormous opportunities inherent within the automotive sector,” he said.

Read more: https://www.dailytrust.com.ng/fg-mulls-125-import-tariff-on-tokunbo-vehicles.html

See eh. This Govt is so anti people.

So they want Nigerians to be driving picato and other mumu cars. Who get money for motor wey nor be tokunbo for this low income earning country.

Except yahoo boy, buhari cronies, people wey don work for 20 yrs who go buy motor of 4m 6m 7m ?


Most Nigerians re poor . Useless fg dont care

Captainrambo2:
See eh. This Govt is so anti people.

So they want Nigerians to be driving picato and other mumu cars. Who get money for motor wey nor be tokunbo for this low income earning country.

Except yahoo boy, buhari cronies, people wey don work for 20 yrs who go buy motor of 4m 6m 7m ?


Most Nigerians re poor . Useless fg dont care

It is to encourage investment in cheap locally produced cars. They have also not banned new cars

Jimi24:
It is to encourage investment in cheap locally produced cars. They have also not banned new cars

Have the fixed electricity and infrastructure ? You think any car maker will come set up a factory here when those things are not in place ...how many new car plants sprung since Buhari increased tarrifffs by 75 % five years ago ? Wasn't the only result NIGERIANS started by badly accidented cars not fit for use in the US to manage ..now the inept shallow man doesn't have result for to show for 75% increase of five years and you want to support him for 125% increase

This is really sad

125% really?

Buhari wants to kill Nigerians

He doesn't about 80% who are poor Nigerians to buy cars again!

Jimi24:
It is to encourage investment in cheap locally produced cars. They have also not banned new cars

Eyah !

So when more than 80% of Nigerians have less than N500000k($1300) in their bank accounts, Car markers would simply be jumping over themselves to invest in Nigeria shey?

I know buharis children drive brand new German vehicles...

Don't you have sense must you always get Buhari involve in everything. A minister just came with new plan which the president may not even approve.

Captainrambo2:
See eh. This Govt is so anti people.

So they want Nigerians to be driving picato and other mumu cars. Who get money for motor wey nor be tokunbo for this low income earning country.

Except yahoo boy, buhari cronies, people wey don work for 20 yrs who go buy motor of 4m 6m 7m ?


Most Nigerians re poor . Useless fg dont care

Jimi24:
It is to encourage investment in cheap locally produced cars. They have also not banned new cars

. Actually you re wrong. Even if you make it in nigeria a reasonable brand new sedan will cost nothing less than 4million. That's the low budget vehicles like pencil light Camry if it's just coming out from factory oo


How much do you think vehicles like these popular Toyota votron will cost, even if it's made in Nigerian? Have you seen how much innocen sell his automobiles ?

BuhariAdvocate:
Don't you have sense must you always get Buhari involve in everything. A minister just came with new plan which the president may not even approve.

adaojo victor I'm nit your mate. Na motor will dey talk about here.


I know you dont have money to by wheelbarrow. Take your broke ass off my mentions boy

Jimi24:
It is to encourage investment in cheap locally produced cars. They have also not banned new cars

For real Just imagine the nonsense this one is spewing. How can we hate ourselves so much. O ma se oo

The initial Automotive Bill passed by the National Assembly but rejected by the President provided for a 70 percent duty on FBUs and a 35 percent duty on used vehicles.

Lol what's going to stop Buhari from vetoing this one? Meanwhile Innocent Chukwuma is rubbing his hands hoping the bill passes.

Captainrambo2:
See eh. This Govt is so anti people.

So they want Nigerians to be driving picato and other mumu cars. Who get money for motor wey nor be tokunbo for this low income earning country.

Except yahoo boy, buhari cronies, people wey don work for 20 yrs who go buy motor of 4m 6m 7m ?


Most Nigerians re poor . Useless fg dont care

The masses exist for the sole reason of serving the elite in govt.

Having looted the treasury dry and mortgaged the oil sector to the Saudis who helped them into office , they are now turning on you to maintain their lavish lifestyles. Hanan's photography hobby project across Nigeria doesn't come cheap when you factor the cost of ferrying her around her next destination with the presidential fleet. Yusuf still has to undergo very expensive rehabilitation therapy after his high speed crash. Even Baba Boko's monthly baby blood transfusions and stem cell implants that keep him alive is not cheap either.

Blue3k:
Lol what's going to stop Buhari from vetoing this one? Meanwhile Innocent Chukwuma is rubbing his hands hoping the bill passes.

Mor0n, the presidency rejected the bill because it falls short on their own 150 and 100℅ tariff.

And stop trying to appeal to Innoson that he would be making a killing with this useless tariff.

12Monkeys:
Mor0n, the presidency rejected the bill because it falls short on their own 150 and 100℅ tariff.

And stop trying to appeal to Innoson that he would be making a killing with this useless tariff.

Lol you're clearly a foolish liar. Who knows why you feel the need to express your stupidity daily. The bill wasn't rejected because of the tarrif. You also to daft to notice the innoson joke. He would stand to benefit from the bill there's no arguing that fact.

Oduwole, however, argued that the bill should be in tandem with the realities of comparative economic values.

“There is need for a policy that will take us to where we want to be. Nigeria just signed African Continental Free Trade Area Agreement.

“We need an auto policy that will be enduring; we don’t want a policy that we will have and after a few years, we will need to change it and that is why we are calling for more contributions.

“We are doing that so as not to take away from those that have invested in it now.

“We are looking at the sector now because we want to compete with the whole continent.

Special Adviser to the President on the Ease of Doing Business, Dr. Jumoke Oduwole

punchng.com/why-buhari-didnt-sign-bill-granting-10-year-tax-incentive-for-auto-industry-aide

Blue3k:
Lol you're clearly a foolish liar. Who knows why you feel the need to express your stupidity daily. The bill wasn't rejected because of the tarrif. You also to daft to notice the innoson joke. He would stand to benefit from the bill there's no arguing that fact.

Idiot , Nigerians are not buying used cars because they prefer them from brand new ones but because the average Nigerian's purchasing power plus the useless worthless naira makes it near impossible to afford one.

If you are assuming that this foolish tarrif will somehow see an influx of car assembly plants then you are more stupid than I thought. Where is the power ? The steel plants? The support industries that will produce tyres, batteries, car upholstery and whatnot?

You think Toyota or any other major car manufacturer hasn't done their homework on the feasibility of operating a car assembly plant?

Yaribanza Goat.

[s]

12Monkeys:
Idiot , Nigerians are not buying used cars because they prefer them from brand new ones but because the average Nigerian's purchasing power plus the useless worthless naira makes it near impossible to afford one.

If you are assuming that this foolish tarrif will somehow see an influx of car assembly plants then you are more stupid than I thought. Where is the power ? The steel plants? The support industries that will produce tyres, batteries, car upholstery and whatnot?

You think Toyota or any other major car manufacturer hasn't done their homework on the feasibility of operating a car assembly plant?

Yaribanza Goat.

[/s]

Lol mentally retarded clown stop displaying your stupidity. If you increase the price of used cars it'll push demand for newer ones. Second innoson cars are domestic so they'll an alternative new or used. You also forgot the bill in question gave low interest loans to anyone buying made in nigeria cars. In the same year buhari also announced 6% loans for made in nigeria cars. Instead of telling your foolish lies enlighten yourself on the facts.

Dont ask me foolish questions. I didnt claim there would be sn influx of assembly plants. You're being up strawman arguements because you cant defend your lies about why the bill was vetoed.

Besides, the policy if implemented would enable Nigerians access zero interest car loan as provided in the Bill.

https://www.dailytrust.com.ng/rejection-of-auto-policy-bill-causes-disquiet-in-automobile-industry.html

He said the Agency would soon roll out a financial scheme that would afford Nigerians the opportunity to purchase vehicles with only 10% of the market total price of vehicle, and widow of many years to pay the remaining balance at an interest rate of 6-8 percent.

Director General of the National Automotive Design and Development Council ( NADDC ), Jelani Aliyu

Iamgrey5:
125% really?
Buhari wants to kill Nigerians
He doesn't about 80% who are poor Nigerians to buy cars again!

majority of poor nigerians voted for him. they are not complaining

agwom:
The Federal Government has unveiled plans to impose 125 percent and 100 percent import tariffs on used cars and Fully Built Vehicles (FBUs) respectively under a new Nigerian Automotive Industry Development Plan. The Director of Policy and Planning at the National Automotive Design and Development Council, Engr.

Farouk Umar, made this disclosure during a stakeholders’ dialogue session held on the Draft Automotive Bill in Abuja. The initial Automotive Bill passed by the National Assembly but rejected by the President provided for a 70 percent duty on FBUs and a 35 percent duty on used vehicles. Umar said a new draft Automotive Bill which will be re-presented to the National Assembly for consideration would raise the value of the tariffs to encourage the development of the domestic auto industry.

proposed amendments to the Nigerian Automotive Industry Development Plan (NAIDP) seen by Daily Trust, mandates all licensed local assemblers to achieve a 20 per cent local content inclusion target within three years from the commencement/adoption of the reviewed plan. Commenting on the fiscal measure, the Minister of Industry, Trade, and Investment, Otunba Niyi Adebayo, told the stakeholders that in 2016, automobiles and automotive components importation gulped about US $8 billion.

Adebayo clarified further that in the same year, vehicle imports stood at 400,000 units, out of which 75 per cent of the vehicles imported were pre-owned while 25 per cent were new vehicles or fully built units. “The Nigerian market and growing population of the middle class has proven to be the focal attraction for investors with enormous opportunities inherent within the automotive sector,” he said.

Read more: https://www.dailytrust.com.ng/fg-mulls-125-import-tariff-on-tokunbo-vehicles.html

Boneheaded policies such as the bolded in above post is one of the reasons Nigeria ended up on the list of countries banned by USA. The present leadership of the Nigeria should be dismissed.

Who knows any wicked babalawo / herbalist , I want to report those who brought this man as a president ...first and second time

Is it not possible that this regime was sent to destroy Nigeria? All their moves is so deliberately ployed to waste the country and make arid of its soul