The Federal Government has commenced the pilot phase of the National Vehicle Registry (VREG) platform in Lagos state. This was disclosed in Abuja on Thursday by the Minister of Finance, Budget and National Planning, Zainab Ahmed at a sensitization seminar clarifying the VREG process. VREG is created to be a national registry of vehicular data which would provide a platform where all relevant agencies and individuals shall reference vehicular data through their unique Vehicle Identification Number (VIN).
According to her, the registry was made possible through necessary interactions with key agencies and stakeholders whose channels facilitate its several functionalities.
Ahmed said, “VREG would provide the Nigeria Customs' Service (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 lend ability to Nigerians.”
She also said the Nigeria Police Force (NPF) and relevant security agencies like the Office of the National Security Adviser (ONSA) would also be integrated to enable nationwide vehicle tracking, car theft, and other vehicle-related crimes reporting.
According to a recent study, Nigeria recorded over N1.8 trillion value of used vehicle importation for a period of one year (between October 2018 and September 2019).
Ahmed stated that the VREG platform would address the challenges of illegal importation and curb crimes committed with vehicles in the country.
The platform would also 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 registration.”
Ahmed further said that it would ensure enforcement of penalties, effective monitoring, documentation and tracking of vehicular activities nationwide.
