Tokunbo cars to cost more from January 1, 2015 as F.G increases Import Duties

Looks like this might become a hard time for car dealers and end users as the Federal Govt. has set to increase the import duty on bringing Tokunbo vehicles into the country, and this will automatically increase the price of the cars. The policy is set to commence on the 1st of January, 2015.

Importers of these automobiles 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.

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