The Association of Nigerian Licenced Customs Agents (ANLCA) has lamented the rising cost of forex, blaming it for the decline in the importation of vehicles into the country, News About Nigeria reports.
The National President of the Association, Mr. Emenike Nwokeji, disclosed this to newsmen, stating that the continuous downward slide of the value of the naira and high import duty rates on vehicles have made the importation of vehicles a difficult and uphill task.
“The scarcity and high cost of forex is the lead issue responsible for the drop in vehicle importation,” he said.
He noted that the rate of naira to dollar has risen to over one thousand, four hundred naira (N1,400), maintaining that it is the major reason for less importation and an increase in the price of vehicles in Nigeria.
He identified the high duty rate as another issue that was pressing, noting that the higher the value, the higher the duty rate.
Also speaking, the CEO of the Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, noted that if the government refuses to find a solution to the forex crisis, the situation in the importation business will worsen.
“The reasons are very straight-forward. The number one is the foreign exchange rate; what was the foreign exchange rate last year and what was it in 2022, and what is the exchange rate today?” he queried.
He noted that other costs like VAT, shipping company charges, and terminal charges all add to the skyrocketing price of importation and subsequently, the decline in importation.
