Customs suspends import duty collection exercise on used vehicles

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Customs Suspends Import Duty Collection Exercise on Used Vehicles

The Nigerian Customs Service (NCS) has announced the suspension of the import duty collection exercise on used vehicles. This decision was made to ease the burden on importers and to stimulate economic growth.

Background

In recent times, the NCS had been collecting import duties on used vehicles, which had led to a significant increase in the cost of importing these vehicles. This had made it difficult for many Nigerians to afford used vehicles, which are often preferred due to their affordability and lower maintenance costs.

Reason for Suspension

The suspension of the import duty collection exercise on used vehicles is aimed at reducing the cost of importing these vehicles and making them more affordable for Nigerians. The NCS believes that this move will stimulate economic growth by increasing the demand for used vehicles, which will in turn create jobs and boost economic activity.

Impact

The suspension of the import duty collection exercise on used vehicles is expected to have a positive impact on the automotive industry in Nigeria. It will make used vehicles more affordable, which will increase demand and lead to an increase in the supply of these vehicles. This will also lead to an increase in the number of jobs created in the industry, including in the manufacturing and distribution of spare parts.

Conclusion

The suspension of the import duty collection exercise on used vehicles by the NCS is a welcome development that is expected to stimulate economic growth and make used vehicles more affordable for Nigerians. This move is expected to have a positive impact on the automotive industry in Nigeria and will contribute to the growth of the economy.