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Transport sector’s 1.41% contributions to GNP unacceptable – Amaechi

By on January 6, 2016

The Minister of Transport, Mr. Rotimi Amaechi, has said 1.41 percent aggregate contribution of the sector to the Gross National Product (GNP) is unacceptable by government.

He admitted however that the maritime sector’s contribution to the nation’s GDP remains appreciable with the potential largely untapped.

Transportation sector, the minister stated, plays such a paramount role in the country’s development that there is an urgent need to exploit the opportunities that abound within the sector to improve its contribution to the national economy.

He said: “Countries like South Korea and Singapore have built their economies around a vibrant transportation sector. Although Nigeria is blessed with multiple modes of transportation that is the envy of many, these potentials have largely remained untapped.

“Our air transport and railways sub-sectors hold the key to unlocking the vast potentials in our cities and rural areas. The Buhari administration is determined to fully exploit the potentials in the transportation sector.”

In a statement signed by the Deputy Director, Public Affairs of the ministry, Mrs. Yetunde Oshonaike, while quoting the minister said: “The government of President Muhammadu Buhari, is in the process of developing a national transportation master-plan that will be implemented as a fulfillment one of his campaign promises to diversify the national economy while improving non-oil sector revenues.

“As a first step, the government will pursue the enactment of legislation that will open up the sector to new investments that will lead to economic prosperity.

“Among the bills that is ready for legislative action is the National Transport Commission Bill – an act to provide for the establishment of a National Transport Commission as an independent multi-modal economic regulator and other related matters. He said the bill among others have been approved by the Federal Executive Council FEC in March 2014.”

Beside the country’s huge population putting enormous pressure on a very poor transport infrastructure that has bedeviled the nation, he added that the railway sub sector has suffered significant neglect in the past though it is the most effective and cheapest mode of mass transportation for both passengers and freight.