Why Buhari’s Govt. Must Review The Automotive Policy – LCCI
“The affordable vehicles promised at the inception of Nigeria’s automotive policy are yet to be seen. The economy has suffered incalculable consequences and shocks as the cost of vehicles reached levels that are unprecedented in the history of Nigeria.
“Virtually all aspects of our economic and social lives have been adversely affected by the situation. Many hospitals cannot afford new ambulances; many corporate organisations have drastically cut down on their fleet. Car ownership is now completely beyond the majority of the middle class.”
Those were the words of the Director General of Lagos Chamber of Commerce and Industry, LCCI, Mr. Muda Yusuf as he lamented the adverse effects of the recent automotive policy being implemented by Buhari’s led federal government.
The LCCI boss strongly believes the policy now needs to be urgently reviewed.
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Yusuf told News Agency of Nigeria, NAN in an interview that the review has become imperative to accelerate economic growth.
According to Yusuf, the policy, which raised tariff on imported cars from 20 to 70%, had put the cost of vehicles beyond the reach of many individuals and corporate bodies.
“There is the need to act quickly to reverse the unsavory situation,” he started.
“The automobile sector was hit by the double shock of currency depreciation and a hike in tariff from 20 to 70% (in the case of new cars).
“Whereas, there is very little that can be done about the currency depreciation, a great deal can be done about the policy, which is a creation of government,” Yusuf said.
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