The Nigerian government has announced measures aimed at restricting imports of cement, increasing local cement production and, eventually, reducing domestic cement prices.
The importing of bagged cement has been banned and a special levy of NGN500 (USD3.35) per tonne has been introduced on all cement imports. In addition, cement import licences are to be granted to those local manufacturers with a 'proper' track record and importers with suitable bagging facilities, and, particularly, with a commitment to encouraging local cement production.
In addition, also aimed at encouraging domestic production, further incentives are being given to domestic cement manufacturers, including a duty-free period of up to three years for the import of machinery, equipment and spare parts, to cover plant construction and the commencement of production.
All restrictions will be removed on gypsum imports, while the import duty on gypsum will be reduced to a maximum of 5%, until it is commercially produced internally.
Through these measures, it is hoped that Nigeria will reach its target to become self-sufficient in the production of cement by 2013.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment