Nigeria must invest at least $3 billion annually in transport infrastructure to meet the country’s growth demands and unlock long-term economic prosperity, Dr. Olusegun Musa, Chairman and Convener of Global Transport Policy, said at the second edition of the forum held in Lagos.
Speaking on the theme “Inter-modal Transport System”, Dr. Musa emphasized that efficient and integrated transport systems are critical to achieving economic growth, reducing poverty, and improving the quality of life for Nigerians.
He highlighted the alarming cost of inefficiency in the sector, which he said drains around 2% of the nation’s GDP each year. “Transport infrastructure contributes not less than 4.7% of our GDP and supports millions of jobs. Yet, our current system is plagued by congestion, pollution, safety concerns, and climate-related challenges,” he said.
According to Musa, adopting sustainable and integrated transport models is no longer optional but a necessity. “A World Bank report indicates that integrated transport systems can reduce transport costs by up to 30%, while findings from the Nigerian Ports Authority show that optimizing port operations could cut cargo dwell time by 50%,” he noted.
Dr. Musa also called for increased political will from the federal government to drive reforms and attract private sector investments. “When we reduce delays and emissions, and streamline multimodal systems, we will not only reduce costs but also boost our global competitiveness,” he added.
He urged stakeholders across education, health, industry, and rural development to recognize that transportation underpins all sectors. “The ways to improve economic growth are always staring us in the face,” he concluded.
The Global Transport Policy forum continues to serve as a platform for experts and policymakers to discuss actionable strategies to overhaul Nigeria’s struggling transport systems.
Global Transport Policy is the most comprehensive sector-specific policy resource guide that amplifies compelling blueprints designed to position the transport sector as a strategic driver for economic growth. It xtrays all the modes of the transport sector with cross-cutting insight and extensive engagements of thoughts and ideas for informed perspective.
