Diaspora Investors Eyed to Revamp Nigeria's Transportation Sector

Pix from L-R : Hon Gbenga Omole SA to Ondo State Governor on Transportation, Prof Maciel Santos Director Centre for African Studies(middle) and   Prince Akinwale Ojomo Visiting Researcher Centre for African Studies University of Porto Portugal, during the event on Jan 8, 2025

Nigeria's transportation system is poised for a major overhaul, with diaspora investors being courted to provide much-needed funding. Hon. Olugbenga Omole, Special Adviser to the Ondo State Governor on Transportation, recently presented a paper at the Centre for African Studies, University of Porto, Portugal, outlining the proposal.

Nigeria's transportation sector is facing significant challenges, including inadequate infrastructure, poor management, and insufficient investment. The current system is characterized by limited options for intercity and interstate travel, high fares, and inefficient facilities for the movement of goods and services.

The proposed diaspora-funded transportation system aims to address these gaps by providing safe, efficient, and affordable transportation services to commuters. The system will also generate employment opportunities, stimulate economic growth, and enhance the overall transportation infrastructure.

*Key Areas for Investment*

The proposal highlights several areas for investment, including:

- *Road Transportation*: Construction and maintenance of roads, highways, and bridges; development of Bus Rapid Transit (BRT) systems; and establishment of truck parks and logistics hubs.

- *Maritime Transportation*: Port development, shipbuilding and repair, maritime security, and inland waterways.

- *Aviation*: Airport development, aircraft maintenance and repair, and aviation training.

- *Rail Transportation*: Railway construction, modernization, and operations.

*Diaspora Investment Opportunities*

Diaspora investors can participate in the proposed transportation system through joint ventures, private sector participation, and public-private partnerships. To attract investment, the proposal suggests offering tax incentives, infrastructure support, and streamlined regulatory processes.

The implementation plan includes conducting a feasibility study, developing a comprehensive business plan, establishing partnership agreements, and acquiring a fleet of modern buses and coaches.

By leveraging diaspora investment, Nigeria can revamp its transportation sector, drive economic growth, and improve the quality of life for its citizens.