The Federal Government has begun implementing a new tariff regime that cuts Customs levies on imported vehicles, reducing duties on new vehicles by 50% and on used vehicles by about 67%.

The new tariff structure took effect on July 1 as part of a broader review of Nigeria's import duty and Customs system aimed at stimulating economic activity and supporting trade.

Under the revised policy, the import levy on new vehicles has been reduced from 20% to 10%, while duty on used vehicles has been lowered from 15% to 5%, a move officials hope will curb under-declaration and boost formal imports.