Tokunbo Cars To Cost More From January 1, 2015

As from first of January 2015, prices of imported
used cars otherwise known as Tokunbo or
second-hand cars are expected to go up as the
second phase of the national automotive policy
which was announced in November 2013, will
commence.

Car dealers would be expected to pay the federal
government 70% duty on all imported cars. FG
had in 2013 introduced the national automotive
policy with the view of encouraging local
assemblage of automobiles in Nigeria, increasing
the import tariff from 22% to 70%. The first
phase of the policy involving the payment of 35%
duty came into effect in February 2014 while the
second phase which would have started in July
this year was postponed to Jan. 2015.

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