OPS seeks FG’s intervention on duties, levies

Manufacturers and importers using Nigerian seaports and borders have linked high spate of smuggling and false declaration to the soaring import duties considered to be the highest in West African ports. BAYO AKOMOLAFE reports   Importers under the umbrella of the organised private sector (OPS) are battling with tariffs on 144 items, which the Federal Government has left unchanged after downward review of import duties on 115 items in various sectors of the economy.   They explained that both government and some manufacturing firms had lost revenue, while thousands of…

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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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Importers opt for N93.04bn cheap maize

Local price up by 83.1% Nigeria has become a dumping ground for United States’ low-priced corn As local price of maize increases from N100,000 per metric tons to N183,130 per metric ton or 83.1 per cent in the last one year, importers have flooded Nigeria with 750,000 tons of cheap maize valued at  N93.04 billion, New Telegraph has learnt. The corn was shipped to the country between 2016 and 2017 at five per cent import tariff. It was gathered that the price of the cereal is cheaper at the global…

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CBN to auction FX to airlines, importers

Central Bank of Nigeria

N35bn T-bills The Central Bank of Nigeria (CBN) plans to auction an undisclosed amount of dollars on Wednesday through book building to settle a backlog of demand for airlines, fuel and raw material imports, traders said. Traders said the Central Bank had asked lenders to bid for hard currency for specific sectors in efforts to improve dollar liquidity. It said a cut-off rate at the auction would be applied at the marginal rate and those obligations due on fuel imports must have matured before January 31 to qualify for the…

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