Nigeria?s new auto policy drops import by 20%

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The implementation of the nation?s new auto policy may have started yielding fruit, as importation of new vehicles into Nigeria dropped by 20 percent in the first six months of this year (2014) according to some auto makers.

The development, it was gathered, was on  account of the raising of import duties on new vehicles from 20 percent to 35 percent.

Business Day gathered for instance,  that with Nigeria as an auto market of 50,000 new vehicles a year, the implementation of the policy has reduced importation of new cars by 5,000 units.

Analysts said yesterday, that the country stands to gain from the conservation of foreign exchange if government implements the policy with transparency.

According to them, the expectation of Nigerians is that the figure should drop to the lowest minimum and if possible, we should rely completely on locally made automobiles....

Source: http://www.ereporter.com.ng/index.php/business-news/item/576-nigeria-s-new-auto-policy-drops-import-by-20