Proshare Logo
   Market Date: 16-04-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs STOCKPICKS Taxation Telcos Travel & Tours Unlisted Stocks World of Business

FG bans tokunbo motor parts

Category: Investors NewsBeat


  Read (1020)
FG bans tokunbo motor partsThe Federal Executive Council rose yesterday from its meeting, placing a blanket ban on the importation of old motor spare parts popularly known as tokunboh motor parts. Minister of Information and National Orientation, Mr Frank Nweke, jnr who announced the ban said the action which came into immediate effect was aimed at encouraging local manufacturers of motor parts in the country. The meeting presided by President Olusegun Obasanjo also approved a new tariff structure for imported goods, a structure said to have been prepared by the Tariff Technical Committee and adopted by the Manufacturers Association of Nigeria (MAN). The Information Minister said the ban would encourage the resuscitation of the Machine Tools Company, Osogbo as well as the establishment of National Metallurgical Agency to stimulate manufacturing of motor parts. Government, he said, decided to ban the importation of tokunbo motor parts after studying and approving a draft white paper of the presidential committee on spare parts headed by Dr Ahmed Joda, current chairman of the Board of the Nigeria Communications Commission (NCC). Mr Nweke who briefed reporters with Minister of State for Finance, Mrs. Nenadi Usman, said government was concerned about the absence of first class maintenance workshops for vehicles and the dangers posed by these old spare parts to the lives of Nigerians. \"The ban is to encourage local production of motor parts. It\'s about protecting our local industries. It\'s about protecting our lives, encouraging people to be more productive and more creative. Even at that, there are so many parts manufactured here in our country,” he said, adding that government was not unaware of the effects of the ban on traders. Source Vanguard

Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint