According to the Nepal National Automobile Dealers Association (NADA), the import ban and the increase in loan interest rates by banks and financial institutions have increased the financial burden on businessmen. At least 58 auto dealers across Nepal have closed down, and more than 1,000 employees have lost their jobs. At the same time, 100 dealerships are on the verge of closure, and a total of 1,025 car dealerships are currently operating across the country.
NADA said the government had extended the import ban, putting the auto business in further trouble. NADA has been urging the government to lift the ban. If the ban lasts beyond mid-November, all dealers in the Kathmandu Valley will be closed. The business has declined sharply, and they can only borrow from the bank to pay employees' salaries.
Previously, the Ministry of Industry, Commerce and Supply of Nigeria notified on April 26 that the import of 10 different types of items was prohibited. While the ban on some of these products has now been lifted, the import ban on smartphones priced over $300, jeeps, cars, vans and motorcycles with displacement over 150cc will be extended until December.
