Ports & Terminal Multipurpose Limited (PTML) has announced a 36% increase in tariff for imported vehicles, effective from July 1. The decision was made in response to the current economic conditions characterized by rising inflation, currency devaluation, and fuel subsidy removal, which have significantly raised operational costs for the terminal. PTML claims to have obtained the necessary approvals from relevant authorities for the tariff hike. The previous tariff for SUVs was N113,000, but it has been raised to N139,420, while non-functioning SUVs will now incur a tariff of N153,395.
The Acting National President of the Association of Nigerian Licensed Customs Agents, Mr. Kayode Farinto, acknowledged the need to educate importers on how to adapt to the new tariff. He emphasized the changing economic realities, such as fuel subsidy removal and fluctuating exchange rates, which necessitate adjustments in importers’ strategies. While withdrawal of services is not anticipated, it is crucial for stakeholders to proactively address the challenges posed by the changing economic landscape.
When asked for confirmation, the General Manager of PTML, Tunde Kenshinro, reaffirmed the tariff increase and highlighted that a notice had already been issued. This indicates that the decision to raise tariffs has been made and implemented by the terminal, emphasizing the need for importers and industry players to adapt to the new cost structure.
Opinion: The increase in tariffs on imported vehicles by PTML reflects the challenging economic environment in Nigeria; characterized by surging inflation and currency devaluation. While the decision may help offset the terminal’s rising operational costs, it could also burden importers and potentially impact the affordability of imported vehicles for consumers. The confirmation from PTML’s General Manager further solidifies the reality of the tariff increase.
It is crucial for importers and industry stakeholders to proactively respond to these changes and consider the implications for their business operations. Effective communication and cooperation between terminals, customs agents, and importers will be key to ensuring a smooth transition and minimizing disruptions in the importation process.