In a bid to tackle rampant revenue leakages and enhance the efficiency of vehicle administration, Nigeria has launched the National Vehicle Registry (VREG), announced by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a seminar in Lagos on October 18, 2024.
Edun, represented by Hajia Jumai Katagom from the Federal Ministry of Finance, underscored that Nigeria is currently the largest importer of vehicles in Africa, with imports exceeding 400,000 annually. Despite having over 15 million vehicles in operation, the country lacks a centralized system for tracking vehicular data, which has contributed to ongoing issues like customs duty evasion, vehicle theft, and inadequate insurance coverage.
“This initiative addresses a critical gap in our vehicular information system that has hindered effective policy formulation and revenue collection,” Edun stated. “VREG will leverage technology to create a robust database, thereby improving vehicle administration in Nigeria.”
The VREG will operate as a centralized database that utilizes unique Vehicle Identification Numbers (VIN) to store comprehensive details about each vehicle, including ownership records and service histories. This system aims to facilitate better national planning and revenue aggregation by ensuring that all vehicles are linked to global data networks.
In his address, Lagos State Governor Babajide Sanwo-Olu expressed enthusiasm for the VREG, noting its potential to streamline vehicle management across the nation. “This registry will enhance government efforts in policy-making and improve revenue generation for both state and federal authorities,” he said.
The seminar brought together various stakeholders, including policymakers, law enforcement, and industry representatives, to emphasize the importance of accurate data in resolving challenges related to vehicle management. The government hopes that the VREG will not only curb revenue leakages but also strengthen national security and enhance compliance within the automotive sector.
Moving forward, the Nigerian government plans to integrate the VREG with the Central Motor Registry of the Nigeria Police Force and strengthen partnerships with the National Automotive Design and Development Council.
The launch of the National Vehicle Registry represents a critical advancement in Nigeria’s efforts to modernize its vehicle management system, paving the way for increased efficiency and economic growth in the automotive sector.
