As from first of January 2015, prices of imported used cars otherwise
known as Tokunbo or second-hand cars are expected to go up as the second
phase of the national automotive policy which was announced in November
2013, will commence.
Car dealers would be expected to pay the federal
government 70% duty on all imported cars. FG had in 2013 introduced the national automotive policy with the view of
encouraging local assemblage of automobiles in Nigeria, increasing the import tariff from 22% to 70%. The first phase
of the policy involving the payment of 35% duty came into
effect in February 2014 while the second phase which would have started
in July this year was postponed to Jan. 2015.