This post was originally published on this site.
Nigeria has slashed import levies on vehicles, boosting automotive industry optimism but raising price concernsIndustry warns against immediate vehicle price drops, citing exchange rate instability and logistics costsStakeholders urge government to tackle structural issues for lasting benefits of new import policy
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Government’s decision to slash import levies on new and used vehicles has sparked optimism across Nigeria’s automotive industry, with dealers, customs agents and freight forwarders describing the move as a step in the right direction.
However, industry stakeholders have warned that Nigerians should not expect an immediate drop in vehicle prices, citing exchange rate instability, high port charges and persistent logistics bottlenecks as major cost drivers.
Importers and dealers react to FG’s import duty reduction on imported vehicles. Credit: NovatisSource: Getty Images
The revised levy regime, which took effect on July 1 alongside
