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The Nigerian Association of Road Transport Owners (NARTO) has called on the federal government to establish the Transport Development Bank (TDB) to deepen sustained growth in the sector.
In a statement in Abuja, Executive Secretary of NARTO, Mr. Aloga Ogbogo, explained that the proposed bank would be modelled after existing ones like the Bank of Agriculture (BoA). The organisation lamented that there was no regulator for the transport sector, despite its being one of the biggest in the country. “We are requesting that just as we have the Nigerian Bank of Commerce and Industry (NBCI) we have the Bank of Agriculture, we need a bank. This is because commerce and industry cannot thrive without transportation. “We are requesting that a Transport Development Bank should be packaged to assist transporters. “The road transport subsector that is responsible for the movement of close to 90 per cent of goods and passengers does not have a regulatory body. It is an all-comers affair,” NARTO lamented.
NARTO said to reduce the chaos in the industry, there is need for the government to put in place a transport regulatory body that could checkmate the operations of the industry, which he said is now an all-comers’ affair.
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