The Federal Government has commenced the National Vehicle Registry (VREG) project, beginning with a pilot phase at the Nigeria Customs Service (NCS) Kirikiri Light Terminal, a project that is aimed at reducing car theft in Nigeria and also ensuring inter-agency database on cars in Nigeria.
This was disclosed by Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning on Thursday, in Abuja at a sensitisation seminar on understanding the process of VREG.
The Minister said the necessity of the project is to ensure inter agency synergy to improve service delivery in Nigeria, adding that stakeholder relationships will facilitate the achievement of the goals of the registry including Federal Road Safety Corps (FRSC) and State Revenue Systems’ integration with VREG, information interchange on nationwide vehicle registration, ownership history, proper road traffic regulation and violation enforcement.
“Providing the NCS with guidance in all clearing, duties, registration and redistribution of vehicles, targeted at ensuring that all vehicles are trackable, taxable and generate more revenues.
“The integration of the National Insurance Commission (NAICOM) onto VREG for aggregation and regularisation of vehicle insurance across the country.
“Communication between Central Bank of Nigeria’s (CBN) moveable asset registry and VREG to provide dynamic records of vehicular assets, thus boosting lendability to Nigerians,” she added.
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The Minister added that Nigerian security institutions would also be integrated into the scheme for vehicle tracking and car-related crimes, citing a study from October 2018 and September 2019, that Nigeria recorded over N1.8 trillion value of used vehicle importation.
Nigeria was the hub of stolen vehicles as Vehicle Identification Number (VIN) of vehicles in the country were usually unregistered and could consequently not be traced she added.
She revealed that the VREG was established under the Strategic Revenue Growth Initiative of the federal government, introducing the Automated Gateway Portal to boost revenue generation for the government and enhance national security.
Mr Aliyu Ahmed, Permanent Secretary of the Ministry said “VREG portal would improve road user safety, enhance vehicle roadworthiness and improve traffic regulation enforcement.
“It will provide users, insurance firms and third parties with car facts and history of vehicles, thus creating a disincentive by ensuring that stolen, accident-wrecked and other unsafe vehicles are no longer brought into the Nigerian market.”
