The Federal Government has announced a reduction in import levies on both new and used vehicles, a move expected to reduce the cost of bringing automobiles into Nigeria and provide relief for importers and prospective vehicle owners.
Under the new fiscal measures, the import levy on new vehicles has been reduced from 20 percent to 10 percent, while the levy on used vehicles has been cut from 15 percent to 5 percent. The revised rates take effect immediately.
The policy is part of the government’s efforts to ease the financial burden associated with vehicle importation, improve access to automobiles, and support commercial activities within Nigeria’s automotive sector.
Officials say the adjustment is intended to encourage trade, reduce import costs, and create a more efficient customs framework. The government believes the reduction will benefit vehicle dealers, businesses, and individuals who rely on imported vehicles for personal and commercial use.
The new levy structure is expected to have a positive impact on the automobile market, where rising exchange rates, import charges, and inflation have contributed to higher vehicle prices in recent years. Many stakeholders are optimistic that the reduction will help moderate costs and improve affordability for consumers.
Industry observers have welcomed the development, noting that its overall impact will depend on how quickly the revised rates are implemented and whether the savings are reflected in the prices paid by end users.
The latest measure underscores the Federal Government’s commitment to promoting trade, supporting economic growth, and making vehicle importation more affordable while enhancing the efficiency of Nigeria’s import and customs system.