Auto policy: Importers seek duty review

As the cost of importing used and new vehicles rise by 400 per cent, importers are pressing for a downward review of import duties. BAYO AKOMOLAFE reports Four years after, the national automotive policy introduced to revive ailing Nigerian auto industry has brought hardship to importers. The policy was originally intended to encourage local manufacturing of vehicles and discourage importation of cars in order to gradually phase out used cars in the country. It was an import substitution strategy to reduce importation of vehicles and boost the capacity of domestic vehicle…

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