The Federal Government has announced that the National Vehicle Registry (VREG) policy will address revenue leakages from vehicle importation and improve operational efficiency in vehicle administration across the country.
Speaking at a sensitization seminar, the Minister of Finance and Minister of Economy, Wale Edun, noted that the policy would also provide benefits such as improved access to credit, easier vehicle exchanges, better vehicle lifecycle management and enhanced insurance coverage.
The National Vehicle Registry (VREG) is a centralized database of all vehicles in Nigeria, using unique Vehicle Identification Numbers (VINs) to store detailed vehicle information. This connection to multiple global VIN databases facilitates global trade and the fight against crime.
The Minister emphasized the need for collaboration among stakeholders to optimize and achieve the objectives of the VREG, while explaining ongoing efforts to address existing gaps in vehicle administration.
Furthermore, Governor Babajide Sanwo-Olu of Lagos lauded the government for bringing together stakeholders to improve understanding of VREG, stressing that the initiative would provide all levels of government with an accurate database for real-time vehicle assessment and crime prevention.
The National President of the Road Vehicle Owners Association of Nigeria, Alhaji Yusuf Othman, expressed support for the success of VREG, stressing that the initiative would be revolutionary for vehicle management across the country, driving economic growth and development.
Finally, the Managing Director of Fourcore Technology Solutions Ltd., Mr. Dennis Obeto, stressed the need to make Nigeria’s vehicle ecosystem safer and more efficient, highlighting the crucial role of VREG in this transformation.
The strategy is expected to enable more efficient vehicle management, reduce revenue losses, enhance road safety and contribute to the country’s economic development. The development and successful implementation of this policy could truly revolutionize the automotive sector in Nigeria, paving the way for sustainable growth and progress.