Due to Poor Transport Infrastructure, Nigeria is Losing Investors
The Chartered Institute of Logistics and Transport (CILT), Abuja Branch, growing from its Executive Stakeholders' Forum in Abuja, has said that the poor state of transportation infrastructure across the country is costing Nigeria huge investments opportunities.
CILT is also saying that the situation is making the country non-competitive because the cost of doing the business is kept on rising as the cost of moving goods rise.
Assistant Director of Administration, CILT, Mr. Reynolds Shodeinde said that efficient transport infrastructure and effective logistics are the prerequisites for local businesses and foreign investors to operate successfully.
The theme of the forum was "Vision and Strategy for the 21st Century Logistics and Transport Organisation".
"Researchers have found that an improvement in infrastructure will decrease costs by 11 to 12 percent, more so in the industry under review to which we all belong," he noted.
"Conscious of these facts, Nigerian Government is taking proactive measures to reduce the country's logistics costs in relation to its gross domestic product, by paying special attention to developing appropriate logistics and transport policies to accommodate the needs of economic development," he said.
On the government, for its recent effort in addressing some of the infrastructure gaps in the marine, Shodeinde commended that rail and aviation sub-sectors of the economy.
Abuja Branch Chairman of CILT, Mr. Alex Okosun, said that the economic prosperity of every nation was tied to effectiveness and efficiency of its transport sector, adding that standard infrastructure was required to meet such demand.
Apart from this, he called out for standard transport regulations and correct implementation of the existing laws. This he said as transportation is highly unregulated in Nigeria.