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Investing in Transportation
Growing investment to improve transport infrastructure
Increasing investment in transport is crucial if Nigeria is to achieve its goal of becoming one of the world’s top 20 economies by 2020. The government has dramatically increased its own investment in transport in the last year: in its budget for 2008, it earmarked N94.36 billion for transport, over seven times greater than the allocation in the previous year. An amendment to the budget in the second half of 2008 saw the transport sector’s allotment for the year raised still more, to NGN103.87 billion. The government plans to spend USD60 billion on infrastructure, including transport networks, over the next six years.At the same time, the government is working to attract private sector investment in the sector. The Infrastructure Concession and Regulatory Commission (ICRC) has been set up specifically to pursue partnerships with the private sector in infrastructure. In recognition of the importance of attracting investment in transport, the government has granted the sector Pioneer Status – under this designation, new industries in the sector can avail of a tax holiday of up to seven years. ...
