SBT Car News

Nigeria To Face Increase In Vehicle Import Duty

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Nigeria presents itself as one of the in demand automobile markets the import policies of which comfortably allows not only dealers but individuals themselves to buy vehicles from international markets of affordable cost and high quality. The country can potentially face a gradual increase in vehicle import duty after the Federal Government review overruling the prior 50% hike that was announced in November 2013. According to numerous sources the government has shown interest in gradual increase of vehicle import tariff which will continue over a span of 10 years. The government of Nigeria aims to completely phase out the importation of used vehicles after those dedicated 10 years the tenure of which was to be initiated at the beginning of 2014.

Prince Olayiwola Shittu, who is the presently the National President of the Association of Nigerian Licenced Customs Agents (ANLCA), stressed the need for reviewing the policy has been essential in favor of a decade over gradual increase instead of an immediate 50% increase of tariff. This would have resulted in a severe blow for business who strongly rely on imports for their gainful employment. The aim is to gradually ease the pathway in result of complete elimination importation of vehicles in the specific span of time. The Pre-Arrival Assessment Report (PAAR) has also been put in motion with the hope that the initial glitches and hurdles with be successfully overcome and trade would be operable through ports as aimed by the system.