ANNOUNCEMENT 25 Nov 2013In November 2013, the government of Nigeria announced a change in import duties.
NUMBER OF INTERVENTIONS
Nigeria Trade Hub, November 25, 2013, 'Prices of imported cars to rise by 60% - FG': http://www.nigeriatradehub.gov.ng/News/tabid/98/entryid/110/prices-of-imported-cars-to-rise-by-60-fg.aspx
On November 25, 2013, the website Nigeria Trade Hub, which was initiated and developed by the Nigerian customs authority, posted a newspaper article announcing the increase of import tariffs on imported new and used vehicles as well as imported new tyres. A fully built car will be subject to combined duties and levies of 70% of the value (previously 22%). This is being done in line with the country's new policy to strengthen the local car industry. Fully built commercial vehicles see a tariff increase from 10 to 35%. For used cars, the same duty applies, based on a 10-year (for cars) or 15-year depreciation period, with a minimum customs value of 30% of the value of the new vehicle equivalent. Lastly, imports of tyres will be subject to a 20% import duty.
Conversely, local automotive plants can import completely knocked down (CKD) vehicles for assembly free of duties and semi-knocked down (SKD) vehicles at 5%.
The official document could not be retrieved online, but the GTA assesses the fact that the newspaper article was re-posted on an official government website as implying confirmation of its veracity. The new tariffs are to come into effect on January 1, 2014.