Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts

By
Exactly six days ago, we made a post on how the Nigerian Customs Service (NCS) are working towards the reduction of the current vehicle import duty from 70% to 45%.

The Comptroller-General of Customs, Col Hameed Ali (retd.) has urged the federal government to reduce the 35% levy on imported vehicles , saying the move is necessary to check the rising cases of smuggled vehicles into the country. You can read all through the link here.

An automobile expert thinks otherwise; he proposes that reducing the import duty of these used cars can be dangerous to the economy.

The Vice-President, Business Development, Dana Motors, Mr Olu Tikolo, on Saturday said that the recent call for the reduction of import duties on used cars portends danger to the 2013 Nigeria Auto Policy.

Mr Olu Tikolo made the call at a media parley at his office, Akin Adesola, Victoria Island, on the partnership between Cars45 and Dana Motors.

Tikolo, on the heels of the recent call made by some stakeholders demanding a reduction on the tariff for imported vehicle by 15 per cent said such reduction could derail the existing auto policy. Saying it is anathema to the desired economic prosperity of the country.

“We must understand the prospect of the 2013 Auto Policy by the previous government which is aimed at encouraging local manufacturing of cars in Nigeria.

“The call for the reduction in the tariff for the importation of used cars portends great danger to the economy and also for investors’ confidence in our economy.

“Only the manufacturing sector can contribute effectively to the Gross Domestic Product (GDP) of the country which cars assembly and manufacturing can contribute up to 7 per cent.

“In other advanced countries, car manufacturing contributes up to 12 per cent of their economy, examples are South Africa and Brazil,’’ he said.

source:https://samueljackson12.blogspot.com/2019/02/reduction-of-import-duty-on-used-cars.html

Comments

Post a Comment

Popular posts from this blog

Prostitution; Nigerian Women At Growing Risk From Human Traffickers In Germany.

By
Image
According to InfoMigrants, Nigerian women are at growing risk from traffickers in Germany who exploit and engage them in prostitution. Read the full report below by InfoMigrants. The new prostitute protection law in Germany was meant to identify victims of human trafficking – most of them migrant women. More than 18 months after the law came into effect, thousands continue to be targeted for exploitation, and the risk for Nigerian women seems to be increasing. There are campervans parked by the roadside. Some have hearts painted on them, one says “girls, girls” in red letters. It’s an easy matter for someone to stop for a quick transaction in one of these Love-Mobiles – sex with one of the “girls” in exchange for the going rate. Prostitution is mainly legal in Germany, as are these mobile brothels. But many of the women in the business – including those working from the Love-Mobiles – are victims of illegal human trafficking. Most of the women are from Eastern Europe or Nige...
Read more

FULL TEXT: A sacrifice for our new political order – Ezekwesili

By
Image
“When the ACPN leadership approached me in a series of visits to appeal that I run for office on their platform, the party appeared to be a good fit. It was founded by some disgruntled PDP members some years ago, but when its prime founder decided to return to the PDP, a core of its membership refused to move back with him. I was told that they stayed back because of their opposition to the ways of the PDP. Considering my vocal disapproval of the PDP and the APC, I admired the ACPN’s decision to stand firm and refusal to be co-opted.” It has been an interesting one week since I made the tough but necessary decision to suspend my campaign for the presidency. I have been truly overwhelmed by the reactions to my announcement from Nigerians. Even in airports outside the country as I travelled last week, Nigerians walked up to me with questions, concerns, encouragement, and motivation. I also saw disappointment by some who had poured their hearts and hopes into actualising our mission ...
Read more

Update On Slay Queen Who Was Stripped Naked And Tortured Over Missing Phone.

By
Image
The League of Patriotic Lawyers has given Edo State Commissioner of Police, Mr. Olusegun Odumosu, 24 hours to unravel those behind the torture and insertion of pepper into a girl’s private part in Benin City over alleged stealing of a mobile phone.  Chairman of the platform and former Student Union President of the University of Benin, Mr. Abubakar Yesufu, who said this in a statement yesterday, also urged the state Director, Department of State Services, DSS, to be involved in the investigation. A video of the incident, seen by Vanguard yesterday, showed the girl being stripped naked by a group of people, who inserted pepper into her private parts for allegedly stealing a phone. The unidentified girl was heard crying and saying she didn’t steal any phone, while she was being humiliated by the crowd. Yesufu said: “The League of Patriotic Lawyers has given the Edo State Commissioner of Police 24 hours to arrest and commence prosecution of all the street urchins behind thi...
Read more