The Federal Government has set up N25
billion revolving loan scheme for transport companies in the country to
access funds for purchase of mass transit vehicles.
The Minister of Industry, Trade and
Investment, Mr. Okechukwu Enelamah, disclosed this in Abuja on Tuesday
at the opening of a two-day national workshop for chief executives of
mass transit companies.
Enelamah said that the initiative was
aimed at boosting the country’s mass transit system as well as
encouraging local patronage of local vehicle assembly plants.
He explained that the loan would be administered through the Infrastructure Bank at zero percent interest rate.
The workshop is organised by the
National Automotive Design and Development Council in collaboration with
the Nigerian Institute for Transport Technology, Zaria.
The theme of the workshop is “Nigeria Automotive Policy: A National Agenda for Sustainable Mass Transit Operation Development.”
He said, “Government is determined to
develop the automotive industry because of its extensive linkages,
impact on job creation, technology transfer as well as foreign exchange
savings and earnings.
“The response by investors has been
encouraging and we have brought back vehicle assembly and are now
focussing on local content development.
“Many of the new assembly plants produce
buses and mini-buses. I hereby call on all Nigerians to patronise the
products of these assembly plants.”
Enelamah urged the workshop participants
to come up with innovative solutions for the development of an
efficient and affordable mass transportation system in the country.
The Minister of Transportation, Mr
Rotimi Amaechi, stated that the mass transit sector was one of the major
engines driving the nation’s socio-economic and cultural development.
He, however, said that in spite of this,
the sector was facing huge challenges, including low operational
capacity, broken down vehicles, obsolete facilities and poor maintenance
culture.
The minister said that a vibrant local
automotive industry would significantly address those challenges while
at the same time depending on the mass transit sector for patronage.
He said, “This workshop is, therefore, organised to appraise the mass transit perspective of the Nigeria Automotive Policy.
“It is a platform for stakeholders to
meet and exchange ideas on the effective implementation of the policy
and make recommendations for realising a sustainable mass transport
agenda for Nigeria.
“The dynamic leadership of President
Muhammadu Buhari is poised to address the challenges facing the
transport sector. The Federal Government is willing to invest heavily in
this sector.
“We are already seeing practical efforts in that regard, especially with the rail transportation system.”
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