Nigeria government targets importers of luxury goods

The Nigerian government has raised duties on luxury imported goods such as yachts and Sport Utility Vehicles.The changes will also affect some food items such as rice, salt and sugarcane. Under the new tariffs, importers of the listed items will have to pay 70 percent of the value in taxes. The new rate is a large jump from the current 20 percent. Import duty for the industrial sector has however been cut to spur local industrial growth. The new tariffs have been approved by President Muhammadu Buhari. The plan to raise duties has been pending since former President Goodluck Jonathan was in power.