The federal government says the National Vehicle Registry (VREG) Policy will plug revenue leakages associated with vehicle importation and improve operational efficiency in motor vehicle administration across the country.

Wale Edun, minister of finance and coordinating minister of the economy, said this during a keynote address at a sensitisation seminar on Friday.

The seminar, which focused on VREG, was attended by decision-makers, vehicle users, law enforcement agencies and other stakeholders from Lagos, as well as heads of agencies from Ondo and Ekiti states.

Mr Edun explained that the policy would also offer stakeholders benefits such as improved access to credit, easier vehicle trade, better vehicle lifecycle management and enhanced insurance coverage.

The federal ministry of finance launched the VREG policy in 2021 to enhance revenue generation within the motor vehicle administration ecosystem.

The National Vehicle Registry (VREG) is a centralised database of all vehicles in Nigeria, using the unique Vehicle Identification Numbers (VIN) to store detailed information on vehicles.

The VREG is connected to multiple global VIN databases, and the network interconnectivity with Nigeria helps facilitate global trade and crime fighting, amongst other things.

Mr Edun, represented by Jumai Katagum, director of public-private partnerships (PPP), called for stakeholder collaboration to optimise and achieve the objectives of VREG.

He stressed the need for integration among key stakeholders while explaining ongoing efforts to close existing gaps in vehicle administration.

The minister noted that VREG addresses the challenges caused by Nigeria’s status as the largest importer of vehicles in Africa, with over 15 million operational vehicles.

Mr Edun explained that issues like customs duty evasion, inadequate data for vehicular policy, revenue leakages, vehicle theft and ineffective vehicle insurance coverage were tackled through VREG.

Also, Gov. Babajide Sanwo-Olu of Lagos, represented by Oluwaseun Osiyemi, commissioner for transport, commended the government for bringing stakeholders together to enhance understanding of VREG.

He noted that VREG would provide all levels of government with an accurate database for real-time vehicle assessment and crime prevention.

Mr Sanwo-Olu added, “We are confident that with continued support, VREG will revolutionise vehicle management across the country, driving economic growth and development.”

The Comptroller General of Customs, Adewale Adeniyi, represented by deputy controller of customs, Rahmon Akintola, also highlighted the potential for enhanced customs operations through collaboration with other stakeholders.

Yusuf Othman, national president of the Nigerian Association of Road Transport Owners (NARTO), noted that the association, which controls 90 per cent of vehicles used for cargo transportation, is a key stakeholder in national revenue collection.

Mr Othman, represented by a member of the association, Stephen Okafor, appealed for the implementation of VREG at no cost to transporters.

Emenike Nwokeoji, president of the Association of Nigeria Customs Licensed Agents, pledged the association’s support for VREG’s success, saying, ”no imported vehicle in the country is beyond traceability”.

During a presentation titled “Optimising Nigeria’s Vehicular Ecosystem for National Economic Development”, Dennis Obeto, managing director of Fourcore Technology Solutions Ltd., stressed the need to make Nigeria’s motor vehicle ecosystem safer and more efficient.

Mr Obeto, a private sector collaborator on the VREG project, explained more about the platform’s functionality and its role in transforming the vehicular ecosystem.

(NAN)