Nigerian Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has revealed that 40% percent of the used cars imported into the country are stolen vehicles. ayokinews.com reports
Speaking at the sensitization seminar on the National Vehicle Registry (VREG) policy on Thursday in Abuja, Zainab noted that the “National Bureau of Statistics confirmed that between 2015 and 2019, Nigeria imported an average of 300,000 vehicles with an average of 48 per cent increase in import annually while an additional 45 per cent of vehicles are smuggled into the country annually, thus evading duty payment of which 40 per cent of these vehicles are stolen vehicles.
“A case study also revealed that between October 2018 and September 2019, the country recorded over N1.8 trillion value of used vehicle importation.
“It was further revealed that Nigeria was the hub of stolen vehicles as Vehicle Identification Number (VIM) of vehicles in the country were usually unregistered, consequently, vehicles within the shores of Nigeria cannot be traced.”
Zainab noted VREG was introduced as a means to boost government revenues as well as help in curbing the use of vehicles for criminal activities.
With the introduction of VREG, relevant government agencies would be able to reference full vehicular data so as to ascertain valuable information of all Nigerian vehicles.