Nigeria is the hub of stolen vehicles — Finance Minister

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Thursday, August 12, said a majority of vehicles imported into Nigeria were stolen.

Speaking in Abuja, Ahmed said, “The 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.

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

It was further revealed that Nigeria was the hub of stolen vehicles as Vehicle Identification Number (VIN) of vehicles in the country were usually unregistered. Consequently, vehicles within the shores of Nigeria cannot be traced.”