NADDC Canvasses Tax Waiver for Local Vehicle Manufacturers to Make Prices Competitive
·Commends Innoson, Kojo Motors for innovation in EV, CNG vehicles David-Chyddy Eleke in Awka National Automotive Design and Development Council (NADDC) has called for a tax waiver for local vehicle
The National Automotive Design and Development Council (NADDC) has urged the government to introduce a tax waiver for local vehicle manufacturers who import raw materials. The council's Director General, Otunba Joseph Oluwemimo Osanipin, and the Chairman of the Board, Chief Emma Eneukwu, recently visited the facilities of Innoson Vehicle Manufacturing (IVM) and Kojo Motors in Anambra State.
The team was impressed by the level of innovation and clean energy vehicles being produced, particularly electric vehicles (EV) and compressed natural gas (CNG) vehicles. However, they expressed concern over the high tariffs imposed on imported raw materials, which significantly increase the cost of manufacturing and makes local vehicles less competitive compared to imported vehicles not subject to these taxes.
Osanipin emphasized the council's commitment to supporting local manufacturers and will convey their complaints to the relevant authorities for a potential waiver of duties on imported raw materials. Chief Emma Eneukwu, the Chairman of the Board, called for a heavy tax on fully built vehicles imported into the country, arguing that this would encourage the production of local vehicles and make them more affordable to compete with foreign products.
The council also commended the Nigeria First policy, announced by President Bola Tinubu, which aims to promote the production and consumption of locally manufactured goods.
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