Federal Government Cancels Plan To Ban Importation Of Fairly Used Vehicles

 

The Federal Government has reversed its plans to ban the importation of fairly used vehicles also known as Tokunbo, in line with popular opposition to the policy since it was announced late last year. The shift in position was taken at the Federal Executive Council (FEC) meeting penultimate week, following intense debate on the issue with the conclusion that the planned ban was not in the best interest of the nation’s economy for now.

The Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, disclosed this in Kaduna on Friday, during a facility tour of one of the nation’s automobile assembly plants, Peugeot Automobile of Nigeria, Kaduna.

According to him, government has since realised that despite the laudable intention of the policy, the prevailing socio-economic circumstances in the country for now would not be supportive of it.

Stakeholders in the import sector who roundly condemned the plans have been locked in a fierce debate over its desirability or otherwise with the automobile manufacturing industry who saw the policy as long overdue.

But Aganga said despite the new automotive policy in place, the government would not ban the importation of fairly used vehicles because of its socio-economic importance to the country.