Nigeria is losing not less than N800 million annually as a result of restriction on vehicles import into the country, the President, Shippers' Association, Lagos State, Mr. Jonathan Nicol, has said. The import restriction was part of the provisions of the National Auto Policy, aimed at encouraging local production of vehicles in Nigeria.
Among other things, the policy provides for a 70 per cent tariffs on vehicles imported into the country. Besides encouraging industrialisation, the policy was put in place to create employment for unemployed Nigerian youths.
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