Maritime
How Nigeria loses N800m annually to auto policy- Nicol
By ANDREW OJIEZEL
The President, Shippers’ Association, Lagos State, Jonathan Nicol, has said that the country is losing not less than N800 million annually as a result of high import duties on vehicles imported into the country,.
The high import duty was part of the provisions of the National Auto Policy, aimed at encouraging local production of vehicles.
Among other things, the policy provides for a 70 per cent tariff on vehicles imported into the country.
Nicol said rather than helping the country, the policy is impacting negatively on the maritime industry in particular and the economy as a whole.
He therefore called on the federal government to discontinue the implementation of the provisions of the policy “until Nigeria is ripe enough to produce her own vehicles.”
According to Nicol, some of the terminals dedicated to handling of car importation are going under because of low patronage, resulting from the implementation of the policy.
He specifically cited the case of Ports and Terminal Multi-Services Limited (PTML) known for vehicle imports, saying it is no longer receiving as many Roll-on-Roll-Off (RORO) vessels as it used to prior to the implementation of the policy.
He decried the losses the country and its people are recording, saying most importers no longer import vehicles into Nigeria but “using the port situated in the neighbouring countries, especially the Cotonou port.”
He stated that the nation’s seaports were almost empty as a result of the national automotive policy.
He said, “70 per cent tariff on cars is too expensive.”
Nicol said the auto policy should immediately be reversed to attract many of the cars being lost to ports of neighbouring countries.
“We should think of protecting local car manufacturers and assembly plants but this should be gradual.
“What we want is standards. If Nigerians decided to be helping their families by bringing fairly used cars why should the government not encourage these families?
“Government should look at other maritime laws, restrictions and prohibition and reverse them.”
Continue Reading
-
Featured6 days agoBREAKING NEWS: Shouts of joy rock the world as Pastor Chris opens final Healing Streams edition for 2026
-
Football6 days agoMan United shortlist Emery, Nagelsmann as potential replacements for Carrick
-
Business6 days agoHoodlums raid JED Benue office, abduct 10 staff over power dispute
-
Football6 days agoAston Villa ready to freeze out Garnacho to avoid £43m Chelsea transfer
-
Latest6 days agoAkpabio tasks Tompolo-backed movement with spreading Tinubu’s renewed hope message
-
Business6 days agoEV adoption: Roxettes seeks cheaper financing, local manufacturing incentives
-
Business5 days agoHow Ethiopian Airlines is challenging Africa’s aviation narrative through self-reliance
-
Latest6 days ago2027: Adeyanju predicts Tinubu will defeat Atiku, win 25% votes in every state