The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to review import duty on vehicles in order to bring down the cost of transportation in the country.
The LCCI Director General, Mr Muda Yusuf, made this known to the News Agency of Nigeria on Monday.
He said the current import duty on vehicles has worsened the cost of transportation in the country.G
Yusuf noted that is the need for the Federal Government to urgently review the automotive policy in 2017 because of its adverse effects on the economy.
Prices of new cars beyond reach of Nigerians
“The current 70 per cent import duty on new cars is prohibitive and has put the price of new cars beyond the reach of most Nigerians and corporate organisations.
“Similarly, the present import duty of 35 per cent on trucks and buses has also negatively affected the cost of transportation in the economy.
“This is a period when importers are already grappling with sharp currency depreciation.’’
Yusuf is confident that if the Federal Government could downward the import duty on Vehicles, it would enhance people’s standard of living and boost the economy.