Tuesday, October 28, 2014

Nigeria new automotive policy to open up more opportunities in import business

The federal Government Nigeria new automotive policy is expected to cause a paradigm shift from the trend of importing fully built new vehicles to the importation of newly built automobile components (spare parts) for the utilisation of the assembly plants that are springing up in the country, analysts have said.

This development, they said, is likely going to shape the growth and content of Nigeria’s containerised imports in 2015 as the automobile spare parts are expected to come into the nation’s seaport packed in container boxes.

Investigation reveals that since the increase in the duty and levy paid on imported new vehicles from 20 percent to 70 percent by the Federal Government, Nigeria’s automotive market has started witnessing a systematic drop in the volume of imported new vehicles.

However, this development is also opening up new market opportunities and frontiers for importers, auto dealers, shipping companies and the entire business community...Read More

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