Nigeria Sold Less Than 10,000 New Cars In 2017 And 2018 - LCCI
The Nigerian government increased car import tariff to 70% in 2014, making the importation of new cars prohibitively expensive.
Before the implementation of the new tariff started in 2015, Nigeria was importing no fewer than 50,000 new vehicles per year, according to the National Automotive Council.
But the figure has continued to drop since then and by 2017, the country was doing less than 10,000 new cars, according to the Lagos Chamber of Commerce and Industry, LCCI.
The LCCI’s revelation follows their support and call for a review of the auto policy which will see to the reduction of the tariffs.
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In a statement issued by the Director General of LCCI Mr. Muda Yusuf, the chamber recommended the reduction of the import level of 50% on new vehicles to 15%.
“The auto policy should be immediately reviewed in the light of its copious shortcomings. Import levy of 25% on commercial vehicles should be reviewed downwards to 15%; in addition to the 10% import duty. Import levy on used cars should be reviewed from current 25% to 15%.
“Government should give further tax concessions and waivers to the assembly plants in the spirit of the auto policy and that semi knocked down, SKD should all attract 5% duty to incentivise domestic vehicle assembly,” the statement said.
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