Economy

40% of vehicles imported into Nigeria stolen – finance minister

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Nigeria’s Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said about 40 percent of vehicles imported into Nigeria were stolen.

Ahmed who made the claim while delivering a keynote address at the zonal sensitisation seminar on the National Vehicle Registry (VREG) policy in Abuja, Ahmed said yesterday, said NBS figures corroborated her claim.

“National Bureau of Statistics confirmed that between 2015 and 2019, Nigeria imported an average of 300,000 vehicles with an average of 48 per cent increase in import annually while an additional 45 per cent of vehicles are smuggled into the country annually, thus evading duty payment of which 40 per cent of these vehicles are stolen vehicles,” she said.

“A case study also revealed that between October 2018 and September 2019, the country recorded over N1.8 trillion value of used vehicle importation.”

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