Olusegun Aganga the Minister of trade and Investment clearly states that the media report that 70 per cent duty has been imposed on imported used cars is false stating that the only approved duty remains 35%.So car importers do not be ripped by your clearing agents.The Government made no increase on importation of Used cars.
This clarification was given at the Federal Executive Council meeting presided over by the President of the Federal Republic of Nigeria clearly told state house correspondents that the report gave the government's auto policy a wrong impression.Olusegun Aganga said.
“the article had claimed that the duty on the used cars is now 70 per cent from yesterday July 1, that is incorrect. It is 35 per cent. The report also claimed that all used cars now coming into the country would pay duty of 70 per cent; that again is incorrect.
“For all those in the auto policy program, all those assembling cars in the automotive policy program, would be able to import cars to meet the gap between production and the demands in the country, they would be able to import those cars at 35 per cent, so it is not 70 per cent.
“It is only for those who are putting strain on our foreign reserves, who have no intention to create jobs, but who want to continue to remain traders, that the 70 per cent applies to and this is to discourage trading. It is to encourage local assembly and job creation and reduce unnecessary pressure on our foreign reserves,” he said.
Thank you for the info.
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