Reduce vehicle import tariff to 15 lcci urges fg

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Headline: Reduce Vehicle Import Tariff to 15% LCCI Urges FG

Summary: The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to reduce the tariff on imported vehicles from 35% to 15%. The chamber made this request in a bid to boost the country's economy and increase the availability of vehicles in the market.

Reasons for the request:

  1. Boost economy: The LCCI believes that reducing the tariff will stimulate economic growth by increasing the supply of vehicles, which will in turn boost demand and create jobs.
  2. Increase availability: The chamber argues that the current high tariff is a major barrier to the importation of vehicles, leading to a shortage of vehicles in the market. Reducing the tariff will make vehicles more affordable and increase their availability.
  3. Competitiveness: The LCCI believes that reducing the tariff will make Nigeria's vehicle market more competitive, attracting more investors and increasing the country's share of the global vehicle market.

Impact on the economy:

  1. Job creation: The reduction of the tariff is expected to create jobs in the automotive sector, including manufacturing, assembly, and distribution.
  2. Increased GDP: The increased availability of vehicles is expected to boost the country's GDP, as more people will be able to afford vehicles, leading to increased spending and economic activity.
  3. Improved infrastructure: The increased demand for vehicles is expected to lead to improved infrastructure, including roads and public transportation systems.

Conclusion:

The Lagos Chamber of Commerce and Industry's request to reduce the tariff on imported vehicles from 35% to 15% is aimed at boosting the country's economy and increasing the availability of vehicles in the market. The reduction of the tariff is expected to create jobs, increase GDP, and improve infrastructure.