allAfrica.com allafrica.com 29 Jan, 2021 11:00 am

Nigeria: OPS Divided Over Govt's Reduction of Automobiles' Import Levies

Members of the organised private sector (OPS) have expressed divergent views on the move by the federal government to begin the implementation of the reduction in the import levies on automobiles as contained in the 2020 Finance Act.

According to them, the local auto manufacturers still enjoy 40 per cent tariff protection despite the lowered tariffs, adding that it will be outrageous to continue to defend an industry with 70 per cent tariff.Muda Yusuf, supported the new policy, saying that there is no need to lament over the downward review of tariffs as the local automobile manufacturers still have 40 per cent tariff protection.The implication is that there is still a protective tariff of 40 per cent.If an industry cannot be competitive with a 40 per cent tariff protection, then we should interrogate our industrialisation strategy.

But a tariff of 70 per cent is outrageous," Yusuf added.p Members of the organised private sector (OPS) have expressed divergent views on the move by the federal government to begin the implementation of the reduction in the import levies on automobiles as contained in the 2020 Finance Act.

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