Contrary to reports that the National Automotive Industry Development Plan (NAIDP) policy was punitive and responsible for the increase in smuggled vehicles, the National Automotive Design and Development Council, (NADDC) has said that the agency was shocked that the policy has been blamed for increased prices of imported used vehicles, otherwise known as ‘tokunbo’ when the provision to levy them […]
Continue reading »Tag: Vehicle Prices
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 »