40% of Vehicles in Nigeria Smuggled, Says Finance Minister
Finance Minister
*As Nigeria imports 400,000 vehicles in 5 years
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Tuesday said that 40 percent of vehicles in Nigeria were smuggled into the country.
This was as Ahmed disclosed that Nigeria imported only 400,000 vehicles in the past five years.
Speaking during a National Vehicle Registry (VREG) in Kano Zainab who was represented by the Director Technical Services in the ministry, Fatima Hayatu, said a case study has revealed that Nigeria was the hub of stolen vehicles.
She explained that this was because Vehicle Identification Number (VIN) of vehicles in the country were usually unregistered.
She added that this has made it impossible to trace vehicles within the shores of Nigeria, adding that her Ministry has decided to introduce VREG to check such issues.
She disclosed that the system would offer a platform for all relevant agencies reference vehicular data for ownership and value information.
The 400,000 vehicles she said was between 2015 and 2020.
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