Nigeria has only 2.9m registered vehicles out of 13m on roads-NIA

The Chairman, Nigerian Insurers Association, NIA, Mr Ganiyu Musa has said that out of the estimated 13 million vehicles in Nigeria, only about 2.9 million were registered as of April 26.

Mr Musa disclosed this while speaking on the Nigerian Insurance Industry Database/Nigerian Insurance Industry Portal on Saturday.

He said the database was established to eliminate fake insurance policies.

Musa said, “The association has taken a step further by creating the Nigerian insurance industry platform to enable vehicle owners to purchase their third-party motor vehicle insurance cover from the comfort of their homes and telephones.

“So far, we are seeing a lot of traction on the platform across the states of the federation, and we are hopeful that other states will key into the project before the end of the year.”

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He said the Central Bank of Nigeria had since integrated the NIA Marine Module into the National Trade Portal, with all insurance certificates required for import and export being generated from the portal.

“This, no doubt, signals the end of fake marine insurance certificates at the ports,” he added.

Musa, who became the chairman of the Council of Bureaux of the Ecowas Brown Card Scheme at its 37th ordinary session in January, said a major issue for the bureau was the domestication of compulsory Brown Card in the country.

He said he was hopeful that when all the details had been sorted, it would be implemented in Nigeria.

On the initiatives on compulsory insurance, Musa said, “We have commenced discussions with Lagos State Building Control Agency as part of engagements on the implementation of Lagos State Building law.

“We are also working closely with the state vehicle inspection service on enforcement of Third Party Motor Insurance in the state.”

He said it was also engaging Kaduna, Kogi and Ogun States, and remained hopeful that other states would see value in the platform and embrace it.