Nigeria imports N1.8tr used vehicles in 12 months

Vehicles valued at no less than N1.8 trillion were imported into Nigeria between October 2018 and September 2019, Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, has said.

Zainab, represented by the Director, Technical Services, Hajiya Fatima Hayatu, stated this in Kano at a zonal sensitization programme on the National Vehicle Registry (VREG).

Citing data by the National Bureau of Statistics (NBS), she also said between 2015 and 2020, Nigeria imported an average of 400,000 vehicles with eight per cent increase in import annually.

An additional 40% of the vehicles were smuggled in annually, thus evading duty payment. Of the total number 22% are stolen vehicles.

The minister however noted that the VREG will help to tackle smuggling and dumping of stolen vehicles in Nigeria as it will ensure that all Vehicle Identification Numbers (VINs) are registered and could be traceable.

The “VREG system will among others serve as a single source of validation at the point of vehicle registration while capturing and storing all vehicular information over the life cycle of every vehicle for the purpose of effective motor vehicle administration.

“It will ensure the enforcement of penalties placed on vehicles by regulators across board and accurate monitoring, documentation and tracking of vehicular activities across the nation to enhance national security,” Ahmed said.

The acting Controller in charge of Zone B, Nigeria Customs Service (NCS) Uba Mohammed said the system would assist in curbing insecurity and enhance revenue generation especially on vehicles.

Represented by the Controller, Kano/Jigawa Command, Comptroller Suleiman Umar, Mohammed said, “it will also usher a new regime of total automation of all trans-border trade activities.”