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CBN tasked on funding road transport dev’t

The Central Bank of Nigeria (CBN) and the Ministry of Finance, Budget and National Planning, have been tasked on creating a special intervention fund to…

The Central Bank of Nigeria (CBN) and the Ministry of Finance, Budget and National Planning, have been tasked on creating a special intervention fund to develop road transportation infrastructure.

Speaking on Monday at the Nigeria Transportation Commissioners’ Forum and Federal Ministry of Transportation Annual Retreat 2021, the Minister of State, Transportation, Sen. Gbemisola Saraki, said, “We understand the difficulties involved in accessing funding, especially given the high-interest rate regime. We are exploring with the CBN and the Ministry of Finance an intervention fund dedicated to the road transport sector similar to what obtains for Aviation and other sectors of the economy.”

She also said the ministry with relevant stakeholders are working to have an environmentally sustainable transport sector.

She also said the ministry is aggressively promoting the use of technology within the road transport sector.

The minister also said the NITT this year embarked on a National Transport Databank project, which will be the beginning of developing our national intelligent transport infrastructure.

The acting Chairperson of Transportation Commissioner’s Forum, Rahmatu Mohammed Yar’adua said the Forum was necessary due to the need to effectively implement various resolutions of the National Council on Transportation, coupled with the desire to coordinate activities of various groups of the Nigerian Transport Sector.

She also said there is a need to adopt technology in road transport operations to reduce accidents.