As from first of January 2015, costs of imported used autos also known as Tokunbo or second-hand autos are relied upon to go up as the second period of the national auto policy which was announced in November 2013, will start.
Auto merchants would be required to pay the national government 70% obligation on all foreign made autos. FG had in 2013 presented the national auto policy with the perspective of empowering local assembling of cars in Nigeria, increasing the import duty from 22% to 70%. The primary period of the arrangement including the installment of 35% obligation became effective in February 2014 while the second stage which would have begun in July this year was put off to Jan. 2015.
Nigeria to increase import tariff on Tokunbo cars from 22% to 70% from January 1, 2015
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