The Executive Director of the Association, Remi Olaofe, said that vehicle importation through land borders had been a major source of revenue leakage.
“Import duties payable have all the while been going to the purses of our neighbours. Meanwhile, we as a nation are struggling to make ends meet,” Olaofe said.
“With the drive towards the full implementation of the National Auto Policy, the place of accurate data cannot be over-emphasized. Investors need to be well aware of the size of the market in making investment decisions”.
“The level of damage to our economy, both from fiscal and monetary policies’ perspective, is overwhelming when we come to the realization that the data we plan with are greatly distorted by the unreported imports going through our land borders”.
“This explains why investors, foreign and local, are constantly at a loss when they compare observed market potential with what is officially reported”.
“The federal government, through the closure of our land borders to vehicle importation, has not placed any ban on the importation of vehicles. Its intervention is to avert the painful activities of smugglers of vehicles through our land borders and loss of revenue to our neighbouring countries and legitimate stakeholders in the auto industry”.
“We also consider it paramount to enlighten everyone that inbuilt in the new Auto Policy are Distributors’ Schemes, Auto Finance Schemes and an organised Second Hand Market for the locally-used vehicles. We envisage a creation of over 4,000 direct jobs and much higher figure for indirect jobs coming with the policy”.
“One is at a loss as to why Nigerians would prefer to bring in their vehicles through the neighbouring countries, knowing well that these vehicles are mostly from America and Europe by sea,” he added.
Olaofe also argued that all funds gotten through importation of vehicles by land is over $2 billion and this is unaccounted for.
News1 day ago
Premier Of Eastern Nigeria Dr Opkara Alighting From His Rolls-Royce During Project Inspection In 1960s
News1 day ago
21 Year Old Nigerian Heads Electric Car Project In Turkey
News1 day ago
Paulo Dybala Buys $500k Lamborghini Aventador S Roadster To Celebrate 100th Goal As Juventus Striker
Celebrities Auto1 day ago
5 Prominent Nigerians That Survived Assassination Attempts In Their Cars
News14 hours ago
New Nigerian Navy Ship Stops Over In Ghana. Greeted By Ghanaian Officials
News13 hours ago
Lekki Deep Seaport: Lagos Secures $629m Loan To Fund Project
News12 hours ago
James Brown: The First African-American To Own A Private Jet
News9 hours ago
Sanwo-Olu Launches Buses Assembled In Lagos For Mass Transit (PHOTOS)