Nigeria’s Auto Policy Gradually Eradicating ‘Tokunbo’ Importation Business

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The introduction of Nigeria’s automotive policy is gradually eradicating the tokunbo importation business, as the total number of vehicles discharged from Lagos ports have dropped by 63% from 8,000 units in January 2015, from 27,000 units in January 2014.

With another part of the policy set to be implemented at the end of the month, the tokunbo business is expected to be finally eradicated by the end of the year.

Dr Vicky Haastrup, the chairman of Seaports Terminal Operators Association of Nigeria (STOAN), explained that some government policies on importation were affecting the volume of cargo handled at ports, Ventures Africa reports.

“It must be noted, though, that in the first half of 2014, the volume of vehicles imported was extremely high in anticipation of the introduction of the new duty regime on vehicles. The average number of cars and vans imported for previous years was in the range of 20,000 units per month.”

She also explained that in the Cotonou port, the total number of cars and vans discharged in January 2015 was 30,000 units, as against 20,000 units discharged in January 2014. This represents a 50 per cent growth.

Source#Nigerianbulletin#

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