Twenty-four hours after the new automotive development plan was approved by the Federal Executive Council, the Federal Government on Thursday said a new tariff on the importation of cars would be announced soon.
The move will make imported cars more expensive thus, promoting the purchase of locally manufactured vehicles.
The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, confirmed the development during a chat with journalists in Abuja.
Aganga said the old tariff had been reviewed upwards, adding that the new tariff had already been approved by the Federal Government.
This, he added, was part of measures to develop the Nigerian automotive industry.
“The importation of Tokunbo vehicles will not be a major threat to the automotive development plan. The tariff for the importation of cars has been reviewed upward and will be announced soon,” he said.
Aganga also said the ministry had commenced, with immediate effect, the implementation of the Automotive Industrial Policy Development Plan.
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