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    Oyetola formally flags off Nigeria’s IMO Council election campaign in London

    Oyetola formally flags off Nigeria’s IMO Council election campaign in London

    TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

    Dantsoho prioritises human capital development, promotes 1,500 staff

    NDLEA to launch narcotic operations at Benin City airport

    NDLEA to launch narcotic operations at Benin City airport

    Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

    Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

    Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

    Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

    TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

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    Oyetola courts island nations for Nigeria’s IMO Council election bid

    Oyetola courts island nations for Nigeria’s IMO Council election bid

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      Oyetola formally flags off Nigeria’s IMO Council election campaign in London

      Oyetola formally flags off Nigeria’s IMO Council election campaign in London

      TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

      Dantsoho prioritises human capital development, promotes 1,500 staff

      Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

      Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

      Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

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      Oyetola courts island nations for Nigeria’s IMO Council election bid

      Oyetola courts island nations for Nigeria’s IMO Council election bid

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        Oyetola formally flags off Nigeria’s IMO Council election campaign in London

        Oyetola formally flags off Nigeria’s IMO Council election campaign in London

        TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

        Dantsoho prioritises human capital development, promotes 1,500 staff

        NDLEA to launch narcotic operations at Benin City airport

        NDLEA to launch narcotic operations at Benin City airport

        Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

        Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

        Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

        Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

        Oyetola courts island nations for Nigeria’s IMO Council election bid

        Oyetola courts island nations for Nigeria’s IMO Council election bid

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        Oyetola formally flags off Nigeria’s IMO Council election campaign in London

        Oyetola formally flags off Nigeria’s IMO Council election campaign in London

        TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

        Dantsoho prioritises human capital development, promotes 1,500 staff

        NDLEA to launch narcotic operations at Benin City airport

        NDLEA to launch narcotic operations at Benin City airport

        Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

        Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

        Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

        Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

        TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

        Spotlight on Dantsoho’s performance as NPA MD

        Oyetola courts island nations for Nigeria’s IMO Council election bid

        Oyetola courts island nations for Nigeria’s IMO Council election bid

        Lagos Govt says residents lose N4 trillion annually to traffic congestion

        Lagos Govt says residents lose N4 trillion annually to traffic congestion

        Sang-ho visits NIMASA, spotlights need for maritime capacity development

        Sang-ho visits NIMASA, spotlights need for maritime capacity development

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          Oyetola formally flags off Nigeria’s IMO Council election campaign in London

          Oyetola formally flags off Nigeria’s IMO Council election campaign in London

          TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

          Dantsoho prioritises human capital development, promotes 1,500 staff

          Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

          Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

          Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

          Master mariners seek appointment of coordinating minister for effective marine, blue economy governance

          TTPs should consider renewable energy for long term projects – Dantsoho, MD NPA

          Spotlight on Dantsoho’s performance as NPA MD

          Oyetola courts island nations for Nigeria’s IMO Council election bid

          Oyetola courts island nations for Nigeria’s IMO Council election bid

          Lagos Govt says residents lose N4 trillion annually to traffic congestion

          Lagos Govt says residents lose N4 trillion annually to traffic congestion

          Sang-ho visits NIMASA, spotlights need for maritime capacity development

          Sang-ho visits NIMASA, spotlights need for maritime capacity development

          Ports & Cargo welcomes largest general cargo vessel to call the Terminal

          Ports & Cargo welcomes largest general cargo vessel to call the Terminal

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          Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

          Nigeria contributes 85,325km² global seabed mapping initiative – Rear Adm. Olugbode

          Maritime LookBook: At sea with Captain Roselyn Kete, Nigeria’s first female master mariner

          Celebrating women in maritime

          Sails of a sovereign dream: Poetic Tribute to the Nigerian National Shipping Line

          Sails of a sovereign dream: Poetic Tribute to the Nigerian National Shipping Line

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          Watch: At 16th Technical Summit, AMES to unveil new technical support for Nigeria’s maritime industry

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          Listen: AMES Summit offers pooled professionalism to grow Nigeria’s marine and blue economy

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          At The Marina Today: Milestone achieved as local communities endorse sea turtle conservation efforts in Akassa Kingdom

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          Watch: Akudo and Uche Ihenacho tie the love knot in traditional Igbo wedding

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          • Maritime History
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          Nigerian shippers lose N15bn yearly to lost cargoes, says maritime lawyer

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          Sails of a sovereign dream: Poetic Tribute to the Nigerian National Shipping Line

          Sails of a sovereign dream: Poetic Tribute to the Nigerian National Shipping Line

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          LCCI commends FG’s decision to review Auto Policy

          onepageafrica by onepageafrica
          June 4, 2020
          in Uncategorized
          0
          LCCI commends FG’s decision to review Auto Policy
          Share this
          Mr. Muda Yusuf, Director-General of the Lagos Chamber of Commerce and Industry

          The
          Lagos Chamber of Commerce and Industry on Sunday commended the Federal
          Government’s decision to review the Automotive Policy.

          Muda Yusuf, Director-General of LCCI, gave the commendation
          in a statement in Lagos.



          He said that the Automotive Policy which was established in
          2013 by former President, Goodluck Jonathan’s administration, had failed to
          achieve the desired outcomes.


          Yusuf said: “It has adversely impacted the cost of doing
          business, welfare of the people, government revenue and the capacity of the
          economy to create jobs.


          “The policy has also penalised stakeholders in the sector
          that are compliant with extant rules, taxes and tariffs applicable to the
          automobile sector.


          “The cost of vehicles has risen beyond the reach of most
          citizens and corporate bodies; the impact has been largely negative with far
          reaching consequences.”


          The News Agency of Nigeria reports that the auto policy is an
          import substitution industrialisation strategy to reduce importation of
          vehicles and incentivise domestic vehicle assembly.


          It has an import levy of 50 per cent on new cars and 25 per
          cent on used vehicles, asides the import duty of 20 per cent on new cars and 10
          per cent on used vehicles.


          He noted that import substitution strategy thrived in the
          context of high domestic value addition and within a framework that the economy
          could benefit from, saying the policy in its current form was not sustainable.


          He said: “Five years into the implementation of the auto
          policy not much progress has been made, even though over 50 Vehicle Assembly
          plants licenses have been issued.


          “Total annual sales of new cars in 2017 and 2018 are
          estimated at less than 10,000 units.


          “We have witnessed an increase in the prices of vehicles by
          200 to 400 per cent, over the last five years, not many investors and the
          citizens have the capacity to pay these outrageous prices.


          “These unintended consequences and collateral harmful effects
          on the economy and welfare of citizens are incalculable.”


          He urged government to reduce the import levy of 50 per cent
          on new vehicles to 15 per cent, and the import levy on used cars and commercial
          vehicles be reduced to 15 per cent from 25 per cent.


          Yusuf said that tax concessions and waivers should be given
          to assembly plants, and Semi-Knocked Down vehicles should attract 5 per cent
          duty to incentivize domestic vehicle assembly.


          According to him, other incentives for assembly plants and
          tyre industries to acquire machineries and equipment should be retained as
          contained in the Automotive policy, and similar incentives be extended to local
          production of vehicle spare parts.


          He said that patronage of locally assembled vehicles by the
          government and its agencies should be encouraged and enforced.


          He said: “Vehicle purchase finance facility at single digit
          should be put in place to boost demand for automobiles and age limit of used
          vehicles should be reduced gradually over time to lessen road safety risks.”


          He said adoption of the recommendations would create more
          jobs, reduce smuggling, boost maritime sector activities and improve vehicle
          affordability by the middle class.


          Yusuf noted that the Nigerian Ports Authority and ports
          terminal facilities would be optimally utilized for better revenue performance
          and Customs Service revenue from vehicle imports would also be boosted.

          Tags: automotive policyLagos Chamber of Commerce and IndustrymaritimeNewsspotlight
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