Business
Stakeholders Laud Review Of Imported Cars’ Life Span
Mr Kunle Folarin, the Acting Chairman, Port Consultative Council (PCC), on Wednesday commended the Federal Government’s decision to review the age limit on imported used cars.
Folarin told newsmen in Lagos that government should consequently increase the customs duty payable on the old cars.
The Federal Government had through the Federal Ministry of Finance notified the Nigeria Customs Service (NCS) about some products to be removed form the import prohibition list.
It also announced the extension of the age limit on the importation of second hand vehicles from 10 years to 15 years.
He urged the Federal Government to emulate other countries in the sub-region where the older a car, the higher the duty that is paid.
According to him, government should look at the reality on ground that people were patronising cars of older age because of their inability to buy new ones.
“Government should raise the duty payable so that we would not have a proliferation of broken down vehicles imported into Nigeria,’’ Folarin said.
Mr Usman Sanusi, the Chairman, Board of Trustees, National Association of Government Approved Freight Forwarders (NAGAFF), said that the new policy would throw smugglers out of business.
Sanusi said that the new policy was a welcome development, adding that it would stem smuggling of over-aged cars.
He said that it would be better if government would allow more cars to come in instead of losing revenue to neighbouring countries.
Another port stakeholder, who pleaded anonymity, lauded the new policy on the importation of old cars, saying that it would discourage smuggling activities through the borders.