ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

Innoson: Lowering tariff on imported vehicles ’ll kill Nigeria’s auto industry

• Rolls out IVM Connect, IVM 7-seater bus

24th November 2020
in Business, Cover
0
Innoson: Lowering tariff on imported vehicles ’ll kill Nigeria’s auto industry
0
SHARES
6.1k
VIEWS
Share on FacebookShare on Twitter
BY MOSES AKAIGWE
Government’s plan to reduce the import duties and levies on buses, tractors and her motor vehicles as contained in the recent 2020 Finance Bill will be a disincentive to investments, in addition to setting Nigeria’s automotive industry back by at least 10 years.

Click Here>>>>>>7 Natural Herbs to Finally End Premature Ejaculation and Weak Erection<<<<<<

Click Here>>>>>>Anti-kidnap and anti-theft device for tracking and listening<<<<<<

This was the view expressed yesterday by the Chairman of Innoson Vehicle Manufacturing Company Limited {IVM}, Chief Innocent Chukwuma, while reacting to “the shocking decision” by the Federal Government, which he said would lead to the forced closure of many auto plants.
The Federal Executive Council {FEC} had on Wednesday, November 18,
approved a reduction in duties on tractors from 35 percent to 10; reduction of
duties on motor vehicles for the transportation of goods from 35 percent to 10
percent; reduction of levy on motor vehicles for the transportation of persons from
35 percent to 5 percent.
The downward review of duties and levies as well as the introduction of “tax
incentives” were intended by government to address the socio-economic problems
arising from the COVID-19 pandemic and the recent hikes in the pump price of
petrol and electricity tariff.
But, reacting to the news from his plant in Nnewi, Chief Chukwuma, argued that a
reduction in duties on imported vehicles would lead to massive importation of fully
built up vehicles, resulting in unfavourable competition that is likely to run the
Nigerian auto makers out of business.
He said the duty review is an embarrassing policy summersault considering that
the present charges on imported vehicles were prescribed by the Automotive
Policy {the National Automotive Industry Development Plan (NAIDP) to
discourage the influx of fully built up products while helping to boost production
by the domestic auto plants.
Chukwuma whose plant was officially commissioned in 2010, feared that the
reduction will erase the gains so far made in the industry since the Auto Policy
Tags: innocent chukwumaINNOSONinnoson motorsInnoson Vehicle ManufacturingIVM
Philip Nwosu

Philip Nwosu

Related Posts

Stockbrokers endorse Lagos Commodities Exchange
Business

Bargain hunting in equities drives NSE ASI up 0.21%

26th January 2021
Foreign tax: controversy trails CBN’s unremitted $3.3bn 
Business

CBN to stop exporters with unrepatriated proceeds from banking services

26th January 2021
Inflation hits11.24% in Sept as food prices rise
Business

Inflation to hover around 16.6% this year –Analysts

26th January 2021
Next Post
China’s path to economic development: What lessons can Nigeria learn from it?

China’s path to economic development: What lessons can Nigeria learn from it?

Ngige and resolution of FG/ASUU dispute

Umahi’s many strategies to make APC popular in Ebonyi

Umahi’s many strategies to make APC popular in Ebonyi

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Covid-19 vaccines: Yahaya Bello’s kick in the teeth

Brutalization of justice in politics

Inflation to hover around 16.6% this year –Analysts

AfCFTA: ‘Ecobank well positioned to make payments smooth for customers’

Polaris Bank to unveil ‘Save & Win’ promo’s 1st millionaire on February 9

FRSC, NEMA record 684 road crashes, 192 deaths in 1 month

Trending

Stockbrokers endorse Lagos Commodities Exchange
Business

Bargain hunting in equities drives NSE ASI up 0.21%

26th January 2021
0

Bargain hunting by investors in high capitalized stocks changed the theme on the floor of the Nigerian...

Foreign tax: controversy trails CBN’s unremitted $3.3bn 

CBN to stop exporters with unrepatriated proceeds from banking services

26th January 2021
US poll: Trump supporters protest as world leaders laud Biden

Biden’s inauguration and victory for democracy

26th January 2021
Searching for smoking guns against Atiku

Covid-19 vaccines: Yahaya Bello’s kick in the teeth

26th January 2021

Brutalization of justice in politics

26th January 2021
ADVERTISEMENT

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist