National Vehicle Registry to Boost Economy and Combat Crime
By Patience Ikpeme
The Federal Government has promises to tackle vehicle importation revenue leakages and improve overall operational efficiency across the nation with the National Vehicle Registry (VREG) Policy.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a sensitisation seminar held in Lagos on Friday, said the VREG will serve as a comprehensive, centralized database containing detailed information on all vehicles operating within Nigeria, utilizing the unique Vehicle Identification Numbers (VIN).
This digital infrastructure is positioned as a transformative tool, expected to facilitate global trade and strengthen Nigeria’s crime-fighting capabilities.
“The VREG Policy is an innovative solution that serves multiple purposes,” Edun stated, explaining that the initiative also offers several advantages to stakeholders.
It aims to enhance access to credit for vehicle owners, simplify vehicle trading processes, improve vehicle lifecycle management, and provide better insurance coverage.
Edun, represented at the seminar by Hajia Jumai Katagum, the Ministry’s Head of Public-Private Partnership (PPP), noted the importance of collaboration among stakeholders to maximize the policy’s potential. “Integration and cooperation among key players in the vehicle management ecosystem is vital for tackling the persistent challenges we face,” he said.
As the largest importer of vehicles in Africa, with over 15 million operational vehicles on the roads, Nigeria has struggled with issues like customs duty evasion, insufficient data for vehicle policy frameworks, and ineffective insurance coverage. The VREG aims to address these bottlenecks and create a more robust vehicle administration system.
Lagos State Governor Babajide Sanwo-Olu commended the Federal Government’s initiative, expressing confidence in its capacity to revolutionize vehicle management and drive broader economic development.
Represented by Transport Commissioner Oluwaseun Osiyemi, Sanwo-Olu stated, “We are confident that with continued support, VREG will provide accurate data for real-time vehicle assessment and crime prevention across all levels of government.”
The VREG is designed to be interconnected with multiple global VIN databases, further enhancing Nigeria’s ability to engage in seamless global trade and bolster crime prevention efforts.
