Reducing import duty on used cars dangerous for economy – Expert - Uju Ayalogu's Blog for News, Reviews, Articles and More

Breaking News

Post Top Ad

Saturday 2 February 2019

Reducing import duty on used cars dangerous for economy – Expert

Reducing import duty on used cars dangerous for economy – Expert

The Vice-President, Business Development, Dana Motors, Mr Olu Tikolo, on Saturday said that the recent call for the reduction of import duties on used cars portends danger to the 2013 Nigeria Auto Policy.

Tikolo made the call at a media parley at his office, Akin Adesola, Victoria Island, on the partnership between Cars45 and Dana Motors.

The News Agency of Nigeria reports that Cars45 provides one of a kind of platform for used cars in Nigeria, giving a private network of buyers the fastest way to find the perfect car that fits their buyers’ needs.

Tikolo, on the heels of the recent call made by some stakeholders demanding a reduction on the tariff for imported vehicle by 15 per cent said such reduction could derail the existing auto policy.

READ ALSO :  I will not shield anyone who embezzles public fund- Buhari

In a related development, the Comptroller-General of Customs, Hammed Ali, had also called for the same reduction by 35 per cent with an aim at curbing smuggling of vehicles into the country.

However, on the contrary, Tikolo an expert in the automobile industry thinks differently on the idea, saying it is anathema to the desired economic prosperity of the country.

“We must understand the prospect of the 2013 Auto Policy by the previous government which is aimed at encouraging local manufacturing of cars in Nigeria.

“The call for the reduction in the tariff for the importation of used cars portends great danger to the economy and also for investors’ confidence in our economy.

“Only the manufacturing sector can contribute effectively to the Gross Domestic Product (GDP) of the country which cars assembly and manufacturing can contribute up to 7 per cent.

“In other advanced countries, car manufacturing contributes up to 12 per cent of their economy, examples are South Africa and Brazil,’’ he said.

(NAN)

READ ALSO : 20 SANs Form Group To Reform Justice Delivery In Nigeria {FULL LIST)

Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984

For More:   Subscribe to Ujuayalogusblog.com

Subscribe to Our Posts via Email


Share This

No comments:

Post a Comment

Listen to This Beautiful New Talent - Winter Wolf - Singing "Midnight"


Post Bottom Ad

Pages