Only 350 new vehicles were imported by Nigerian auto firms in the first quarter of this year, which shows a drop of about 90 per cent over 3,500 recorded in the same period last year.
Continue reading »NEW VEHICLE IMPORTS FALL BY 90 PER CENT
Tag: New Import Tariff
UNITED STATES DEPARTMENT OF COMMERCE (DOC) SAYS 40% TARIFFS DUE ON TRUCK TYRES FROM CHINA
The U.S. Department of Commerce (DOC) says truck and bus tyre manufacturers in China are dumping tyres in the U.S. at less than fair market value, and those tyres should be subject to tariffs of at least 20%. The tariffs are retroactive. The DOC announced its preliminary results Aug. 29.
Continue reading »VEHICLE PRICES RISE OVER FOREX SCARCITY, HIGH DUTY
Two factors, scarcity of foreign exchange and increase in import duty, are largely responsible for the rise in prices of imported new vehicles. Already, the prices have risen astronomically in the last one year. Investigation by our correspondent shows that the price hike cuts across all segments and it affects virtually all brands. The Managing Director, TNL, Mr. Kunle Ade-Ojo, […]
Continue reading »IMPORT DUTIES SOAR OVER NEW FOREX RULES
Duties on shipping business at the ports have shot up astronomically in the wake of the new flexible foreign exchange rate policy of the Central Bank of Nigeria (CBN). Already, the Federal Government has launched the implementation of the new policy, which customs and clearing agents lament has hiked duties by about 40 per cent. The Nigeria Customs Service (NCS) […]
Continue reading »USED CAR IMPORTATION: LOCAL AUTOMAKERS DEMAND FULL IMPLEMENTATION OF 70% TARIFF
The Federal Government and local automobile manufacturers have disagreed on the enforcement of a 70 per cent tariff on imported used vehicles. While the latter want the Federal government to commence the enforcement with immediate effect the second phase of the imposed 35 per cent tariff on imported used vehicles to discourage their importation, the government says it will only […]
Continue reading »HIGH IMPORT TARIFF TAKES ITS TOLL: CAR IMPORTS DROP BY 70%
Automobile importers and dealers are currently experiencing a tough time as the implementation of the 70% import tariff on cars is taking a heavy toll on their business. Investigations at the Lagos ports and dealers’ showrooms on Wednesday revealed that vehicle imports had dropped by about 70 per cent just as sales had tumbled by over 60 per cent.
Continue reading »THE AUTOMOTIVE INDUSTRY POLICY AND THE NEW IMPORT TARIFF: A CRITICAL ASSESSMENT (PART FOUR)
A Boost to Employment: Flying a Ruse! It was also stated that the new tariff will create employment almost immediately. Two employment generating windows were identified as possible spinoff of the new tariff regime. First, it is claimed that many multinational car manufacturers will, on account of the new tariff regime, be induced or practically fall over themselves to set […]
Continue reading »THE AUTOMOTIVE INDUSTRY POLICY AND THE NEW IMPORT TARIFF: A CRITICAL ASSESSMENT (PART THREE)
A REVIEW OF THE NEW AUTOMOTIVE IMPORT TARIFF When the Minister of Trade and Industry stated that the new tariff regime will among other things “make imported cars more expensive thus, promoting the purchase of locally manufactured vehicles”, a number of issues readily come to mind. Some of the incontrovertible facts that flood the mind are adequately captured in the […]
Continue reading »THE AUTOMOTIVE INDUSTRY POLICY AND THE NEW IMPORT TARIFF: A CRITICAL ASSESSMENT (PART TWO)
THE ECONOMICS OF IMPORT TARIFF One of the most important issues in a country’s economy is trading; therefore, tariffs are most often discussed when talking about imported goods. A tariff is simply a tax or duty placed on an imported good by a domestic government. Tariffs are usually levied as a percentage of the declared value of the good, similar […]
Continue reading »THE AUTOMOTIVE INDUSTRY POLICY AND THE NEW IMPORT TARIFF: A CRITICAL ASSESSMENT (PART ONE)
On Wednesday 2nd of October 2013, the Federal Executive Council (FEC) in Abuja approved the Automotive Industry Development Plan for the development of the nation’s automotive industry. The Plan is intended to facilitate the emergence of a transformed automotive industry with enough capacity to attract investment, become a major driver of economic growth and diversification, create job, engender local value […]
Continue reading »