Nigeria Waives Import Duties on EVs and Buses
• Nairametrics • Business
The Federal Government of Nigeria has announced a waiver of import duties on electric vehicles, mass transit buses, and manufacturing machinery as part of a new fiscal strategy to ease economic pressures and combat inflation. This decision was disclosed by Olusegun Dada, the Special Assistant to President Bola Ahmed Tinubu on Social Media Development. The measures are designed to cushion the impact of ongoing crises in the Middle East, particularly amid rising fuel prices. The new policy includes a reduction of import duties on electric vehicles to 5%, while mass transit buses will receive full duty exemption. Additionally, manufacturing machinery will also see a duty reduction to 5%. This initiative aims to lower production costs and boost industrial activity. The government is also implementing broader tariff adjustments across various import segments, including a significant reduction in tariffs on bulk rice and broken rice. The transition phase for these new tariffs will begin on April 1, allowing the market to adjust gradually.
Topics: Economy, Trade