Finance

2023: Atiku Abubakar says his administration will review import duty payable on raw materials


Atiku Abubakar has said that if made president, his administration will promote manufacturing by reviewing import duty payable on raw materials that are available locally and on imported machinery for local production.

Atiku, the presidential candidate of the Peoples Democratic Party disclosed this in a statement on Thursday afternoon.

This comes as Nigeria’s customs service recently reviewed import duties on some machinery to 20%.

What Atiku is saying

He said, “To jump-start the manufacturing sector and create much-needed jobs, and a profitable Nigeria that works for all, we shall review import duty payable on raw materials that are available locally and on imported machinery for local production.”

  • Nigeria’s manufacturing sector grew by 5.89% (year-on-year) in real terms in Q1 2022, an increase of 3.61% points from the preceding quarter which recorded a growth rate of 2.28%.
  • The manufacturing sector is comprised of thirteen activities: Oil Refining; Cement; Food, Beverages and Tobacco; Textile, Apparel, and Footwear; Wood and Wood products; Pulp Paper and Paper products; Chemical and Pharmaceutical products.
  • Other activities in the sector include Non-metallic Products, Plastic and Rubber products; Electrical and Electronic; Basic Metal and Iron and Steel; Motor Vehicles and Assembly; and Other Manufacturing.

What you should know

Nairametrics reported in April that the Nigerian Customs Service had officially released a circular announcing the reduction of import duties on both used and new vehicles. The service said the new duty rate for both used and new vehicles is now 20% as against the 35% usually paid. The statement noted that implementation will take effect immediately.





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