The Federal Government has urged its ministries, departments, and agencies (MDAs) to explore avenues to attract private sector investment and financing for government projects and programs.
Speaking at the Ministerial retreat for cascading performance bonds, Minister of Transportation, Senator Said Alkali, stressed the need for the MDAs to attract private sector investment and financing for projects and programs.
The Minister said; “With the impending Land Transport Policy, coupled with well-defined objectives and strategies, we anticipate an influx of international private investors into our sector, as we possess the capacity to deliver on our Key Performance Indicators (KPIs).
“The transportation sector plays a pivotal role as a catalyst for economic growth and holds vast potential to sustain our nation’s development.
“It serves to reduce unemployment rates by creating both skilled and unskilled jobs, lower the cost of mobility, and streamline the movement of people, goods, and services.”
Speaking further, he noted that the development of the National Land Transport Policy (NLTP) is crucial in achieving a fast, safe, efficient, affordable, convenient, integrated, and intermodal transport system that caters to Nigeria’s socio-economic needs and enhances the quality of life for all citizens.
“An efficient transportation system will benefit various sectors such as agriculture, marine and blue economy, tourism, industrialization, manufacturing, trade, and national integration.
“Our success in the transportation sector will translate into prosperity for all stakeholders along the value chain, contributing to economic growth and diversification.”
Earlier, the Permanent Secretary of the ministry, Oloruntola Olufemi, said the implementation of the Performance bond “is of utmost importance to President Tinubu.”
Olufemi said the bond is serving as a cornerstone for evaluating the Ministry’s performance.
“The Ministry commits to monthly reviews of agency performances and quarterly appraisals, underscoring our unwavering dedication to advancing the transportation sector for the benefit of our citizenry.”