2015 is only a matter of hours, and being an election year, we expect that whoever wins, there will be a new raft of government policies. But how did 2014 go in terms of government policies? So much happened in Nigeria in 2014 and the FG had to churn out one policy after another to promote local investments, curb inflation, reduce excess liquidity in the system, rejuvenate local production of food, track money laundering and guarantee a better life for the citizens among other potential benefits. Below are our choices for top 10 policies of government in 2014 in no particular order. 1. New Automotive Policy The Federal Government introduced a tariff of 70% on used cars and buses effective July 1, 2014. Side by side with that, the government approved import duty waivers on imported Completely Knocked Down (CKD) components while Semi- Knocked Down (SKD) components will attract only 10% duty without any levy. The policy was geared at stimulating local manufacturing and assembly of cars, attract investment in the sector, encourage technologically advanced manufacturing activities so affordable cars could be produced her and generation of employment. At the moment, the Stallion Group has started the assembly of Nissan and Hyundai vehicles from their assembly plants while Peugeot Automobile Nigeria Plc also recently rolled off the first set of ‘made-in-Nigeria’ vehicles. The policy has its critics as well like those who argue that such a policy being initiated in the midst of an undeveloped steel industry and comatose power was not well thought out. Another criticism is the absence of automotive components supply base and other cluster industries. thescoopng/2014inreview-atm- charges-books-tariff-automotive-policy-nirp-top-10- govt-policies-2014/
Posted on: Wed, 31 Dec 2014 19:08:06 +0000
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