'Tokunbo' Cars To Cost More As From January

As from first of January 2015, prices of imported used cars otherwise known as Tokunbo or second-hand cars are expected to go up as the second phase of the
national automotive policy which was announced in November 2013, will
commence.

Car dealers would be expected to pay the
federal government 70% duty on all imported cars. FG had in 2013 introduced
the national automotive policy with the view
of encouraging local assemblage of automobiles in Nigeria, increasing the
import tariff from 22% to 70%. The first phase of the policy involving the payment
of 35% duty came into effect in February 2014 while the second phase which would have started in July this year was postponed
to Jan. 2015.