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Vehicle importation affected by forex challenges – Customs boss
Next Stay Thung Khe Pass, White Stone Slope, Hoa Binh, Flycam – Nếm TV 40 42 00:00 00:00 / 00:00 10 Sec Published By: Paul Dada
The Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, says the forex challenges experienced by the country affected vehicle importation in the first quarter of 2024.
Adeniyi who was speaking on Arise TV said the situation led to a 45 per cent drop in vehicle importation.
He said: “It affected car dealers. We had as much as a 45 per cent decrease in the volume of cars that were brought into Nigeria in that period.
“And they were not the kind of cars that fetched optimum revenue for the customs. Not only cars, but even regular imports were also affected because people could no longer import raw materials as they wanted and the volatility did not allow them to plan for tomorrow”.
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He, however, said the situation started to improve in the second quarter.
“But we see some relative degree of stability in the second quarter because there are lots of discussions going on. Some at the level of the National Assembly, most of them spearheaded by the Minister of Finance and Coordinating Minister of the Economy, bring on the stakeholders that are involved together, to ensure that we achieve stability,” Adeniyi said.
