The Minister of Transport, Rotimi Amaechi has commended the role being played by Sterling Bank Plc in the repositioning of the sector. The minister was quoted in a statement from the bank, to have made the remark at the end of the 2017 National Conference organised by the Ministry of Transport.
According to the statement, he commended Sterling Bank Plc for its intervention in Nigeria’s transport sector, saying such intervention from the private sector would help to accelerate the desired transformation in the sector.
The minister noted that Sterling Bank had established itself as the reference bank in transport finance as a result of its investment in the Bus Rapid Transit (BRT) and LAGBUS initiatives of the Lagos state government.
“I want to commend Sterling Bank for its support to the transport sector so far. I am aware that Sterling Bank financed both the LAGBUS buses and over 400 BRT buses plying various routes on Lagos roads. It is our hope that the bank would expand this experience beyond Lagos so that people living in other parts of Nigeria will also benefit from their benevolence,” he said.
Earlier in his goodwill message, the General Manager of the bank, Mr. Emmanuel Emefienim commended the ministry for hosting the conference, adding that the forum would provide a platform for exchange of ideas needed for the transformation of the sector
He added: ‘’The ministry must be commended for working tirelessly to develop a modern transport system that fully exploits the potentials of each mode, instead of the existing dependence on road transport, which accounts for nearly 95 per cent; reversing public Sector monopoly of major transport enterprises particularly Rail and Maritime which hitherto, attracted huge public funds, but suffered decay, mismanagement, inappropriate maintenance and poor service delivery; and Instituting a Private-Sector led transport system that is responsive to the needs of a modern industrial economy.â€
Emefienim noted that Sterling Bank realised the urgent need for the intervention of the private sector in key sectors of the economy for meaningful impact as government alone cannot shoulder this huge responsibility bearing the dwindling revenue from its major source of income.
He said: ‘’Even as we have already made landmark success in the mass transit transportation system through the LAGBUS and the BRT in Lagos, we are here at this conference to further explore the transportation sector to see how we can also make impact through financial services platforms and other partnerships.
“We are prepared to reach out and engage with major stakeholders across the value chain in the sector during the two-day period and see how we can collaborate to fully understand the sector and the needs of the operators and, at the same time, identify opportunities and areas of potential impact.â€
