The Lagos State Government has introduced ac (POC) for all registered vehicles, requiring car owners to pay a minimum of N1000 annually. The announcement was made by Engr AbdulHafiz Toriola, the Permanent Secretary of the Ministry of Transportation. The policy will come into effect in Lagos State in July.
Toriola explained that the POC will serve as an official document proving the legal ownership of a vehicle, once all necessary requirements and procedures have been completed. The cost of obtaining the certificate will be a minimum of N1000.
As of 2018, Nigeria had approximately 1.8 million registered cars, according to data from the National Bureau of Statistics. However, the exact size of Nigeria’s vehicle market is difficult to quantify due to factors such as smuggling, grey imports of used vehicles, and a lack of reliable data.
The demand for vehicles in Nigeria is estimated to be around 720,000 units annually, while local manufacturers can only supply 14,000 units, leading to significant importation. The National Automotive Design and Development Council reports that Nigerians spend approximately $8 billion annually on car importation, contributing to the expansion of car ownership in the country.
