In order to meet growing demands, Nigeria needs to invest around $3 billion annually in transportation infrastructure, the Chairman/ Chief Consultant, Global Transport Policy, Dr. (Hon.) Segun Musa has said.
Delivering his welcome address at the Global Transport Policy Intermodal Transport System Annual Roundtable 2025, Segun Musa noted that investing in sustainable transport infrastructure can create more jobs that are sustainable, stimulate economic growth, and improve quality of life.
He opined that attracting the much needed investments can make the transport sector more efficient to reduce costs, improve productivity, and enhance the competitiveness of Nigerian economy.
He noted that inefficiency in the transportation industry costs Nigeria around 2% of GDP annually even as he hinted that a study by the Nigerian Ports Authority found that optimizing port operations can reduce cargo dwell time by 50%.
The Transport consultant quoted the World Bank as saying that integrated transport systems can reduce transportation costs up to 30%. Musa stressed that integrated and multimodal transport systems are essential for reducing transportation costs, improving efficiency, and enhancing the overall competitiveness of the economy. He added that by connecting different modes of transportation, such as roads, rails, and waterways, a seamless and efficient transportation network can be created.
According to him, the way to improve economic growth and development are always staring in the face, urging the Federal Government to be deliberate in invoking a sustainable political will to holistically tackle the myriads of challenges bedeviling the transportation sector.
The Chairman of GTP believes that less can be spent on the health sector and improve life expectancy if a sustainable integrated transport systems is put in place. This, he noted, can be possible when the quality of air we breathe improves through reduction in emissions and public health will be enhanced.