The Lagos Chamber of Commerce and Industry has attributed the decline in the automotive industry’s contribution to the economy in the third quarter of this year to policy inconsistencies. According to the LCCI president, the trade policy dynamics have compelled the NCS to change the exchange rate of computing import duties several times and recently increased from N770.88/$ to N783.17/$. According to them, the policy has the potential to increase government revenue and reduce importation, but the uncertainty around the business environment needs expedited action. According to the LCCI president, these measures have led to inconsequential gains and losses for stakeholders in the sector. Olawale-Cole disagreed with the data presented by the NBS, particularly regarding the substantial year-on-year increase in the imported used automobile sector.

Source: Punch December 06, 2023 23:57 UTC