The move by the Federal Government to restrict the importation of fairly used vehicles (Tokunbo) into the country with a new automotive policy through a higher tariff regime is unsettling for many Nigerians, especially low income earners who depend on the vehicles for their daily transportation need as they cannot afford new cars because of high prices. While big car dealers see the policy as a good initiative to resuscitate the local automobile industry, private individuals expressed the fear that prices of imported vehicles may soar once the implementation of the new tariff regime from 35 per cent to 70 per cent begins.

The Minister of Industry, Trade and Investment, Olusegun Aganga, while giving the run-down on the framework of the policy, tagged, 'New Automotive Industry Policy Development', said the initiative is to promote massive investments in affordable made-in-Nigeria cars to limit excessive imports. He explained that his visit to South Africa resulted in the signing of a Memorandum of Understanding (MoU) to secure more inputs into the new policy as well as technical-know-how, even as he discussed with global car manufacturers on the need for them to set up plants in Nigeria.

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