• Expert raises alarm, says new FG policy might lead to massive job losses

    Written by Jerrywright Ukwu

    Updated a day ago

    - A recent policy by the federal government has triggered huge reactions in Nigeria's automotive industry

    - Experts say the new policy could lead to massive job losses in the industry

    - There are now loud calls seeking the intervention of President Muhammadu Buhari on the issue

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    An expert in Nigeria's automotive industry, Mr. Ahmed Wadada-Aliyu has kicked-against the approval of the Federal Executive Council (FEC), for a downward review of tariff on the importation of vehicles into the country.

    Wadada-Aliyu, a former member of the House of Representatives, made his stance known on the new policy while addressing journalists including a

    Legit.ng reporter on Tuesday, January 12 in Abuja.

    According to him, the downward review would be detrimental to the long-term competitiveness of the automotive industry in the country.

    President Muhammadu Buhari has been asked to reverse the review. Photo credit: @MBuhari

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    He further stated that the policy could eventually lead to a total collapse of the Nigeria automotive industry thereby, placing other African countries as the new hub of automotive activities within the ECOWAS sub-region.

    He said:

    “When the National Automotive Manufacturers Association (NAMA) discovered that a tariff had been inserted in the 2020 Finance Bill, the vice president called a meeting in which NAMA was in attendance.

    ‘’It was agreed at the meeting that NAMA should put up a comprehensive presentation on the needs of the automotive manufacturers with regard to capacity for effective performance.

    “We are, however, shocked to learn that the 2020 finance bill has been approved.’’

    According to him, the reasons given by the Comptroller General of Customs, Col. Hameed Ali (rtd) for the tariff review are not satisfactory to warrant a reduction.

    Wadada-Aliyu who is also the chairman of PAN Nigeria Limited accused the comptroller general of bowing to the pressure of ‘other stakeholders.’

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    He appealed to President Muhammadu Buhari to as a matter of urgency, reverse the review.

    Recall that as part of its policy to reach out to some stakeholders in the transport sector, the federal government recently

    commenced N30,000 grants for taxi, bus, okada, Keke Napep, Uber, Bolt drivers, and cart pushers across the country.

    Under the government's artisan support scheme, a total of 333,000 artisans and transport business operators nationwide will get one-time operations grant of N30,000 per beneficiary to reduce the effects of income loss due to the COVID-19 pandemic.

    Legit.ng had earlier reported that the MSMEs Survival Fund scheme is a component of the Nigerian Economic Sustainability Plan, NESP, which was developed by an Economic Sustainability Committee established by President Muhammadu Buhari in March 2020.

    Vice President Yemi Osinbajo, SAN, heads the committee which produced and is overseeing the implementation of the plan.

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    Source: Legit

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