Senate Reviews Import Duty To Boost Local Industries - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
July 3, 2019
The Senate onWednesday adopted a motion to review the import duty on the importation of soapnoodles to save the industry and the Nigerian economy.
This followed a motionby Barau Jibrin and four others, who drew the attention of their colleagues torecent downward review of the import duty from 35 per cent  to 10 per cent.
The senator recalledthat the Federal Government, in order to boost the local production of soap noodlesincreased its import duty.
Barau said theincrease made it unprofitable for the manufacturers of soaps to import soap noodlesfrom overseas.
This, he said made themanufacturers to resort to making huge investment in setting up manufacturinglines to produce soap noodles in Nigeria to the tune of about N450 billion .
He said the measurealso resulted in the creation of 250,000 jobs in the country.