Car dealers express mixed reactions over lower vehicle import duties

Some car dealers have expressed mixed reactions to the Federal Government's revised tariff regime, which reduces import duties on vehicles. Duties on used cars dropped from 15% to 5%, and on new cars from 20% to 10%, according to Comptroller-General Bashir Adeniyi. Dealers say the policy will lower prices and costs, but its impact depends on exchange rates. Implementation started in May, but lower prices will only be reflected in two to three months.