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Nigeria reduces import duties on vehicles to boost affordability and economic activityDealers caution that immediate price cuts may not occur due to existing inventory under higher tariffsExperts urge caution as currency stability and other costs still impact vehicle pricing despite duty reductions
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s automobile market is poised for a major shift after the Federal Government reduced import duties on both new and used vehicles, a move expected to make cars more affordable and stimulate economic activity.
However, automobile dealers have cautioned that Nigerians may not experience immediate price reductions, as many vehicles currently in dealerships were imported under the previous, higher duty rates.
Car dealers reveal expectations as Nigeria lowers import duties on cars. Credit: Pictrure Alliance/ContributorSource: Getty Images
The dealers shared their views in separate interviews with the News Agency of Nigeria (NAN), describing the
