Business
Dawn Of Competitive Transport In Rivers
A new era of what could be described as “Competitive Transport System” has unfolded in the history of transport operation in Rivers State, and in Port Harcourt environs in particular. This is the desire of average commuter in the state.
In the past, the transport system in the state could be said to be very undeveloped, having the features of hooliganism, gangstarism with the “winner takes all” syndrome in the system.
It was a period of near monopoly due largely to the operational style of the National Union of Road Transport Workers (NURTW), where no other group outside the NURTW could survive in the system, and if they must survive, it must be by violence, clash and flex of muscles physically among themselves and with the law enforcement agents.
Transport fare was relatively unstable especially within the town service operation ( intra-city bus service) Mini buses dominated the entire transport and every attempt to checkmate obnoxious increase in fare was met with stiff opposition by members of the transport union.
It is not surprising that any attempt made by any group to appear as an independent group will face serious attacks from the transport cabals that held the system to ransom.
The scenario then gave birth to other emerging groups who had links with either the government (the federal or state) or the Labour Organisation to make their existence strong in order to enable them withstand the threat of transport mafias in the state.
The coming on board of the Labour Mass Transit (LMT), the Rivers Mass Transit Scheme, and the Port Harcourt City Transport Scheme were fallouts of the efforts to launch themselves into the mainstream transport scheme in Rivers State.
Other transport bodies that followed suit were the Rivers Transport and Investment Cooperative Union Limited (RTICUL) and the Nigerain Legion Mass Transit Scheme. Their coming on board brought hope to the general commuter public and other self commissioned drivers who were seeking for other alternative organisation in the transport system to guarantee freedom from the near-monopoly known in the system.
The new entrants into the transport system operated as franchise schemes, with lots of promises and hope of freedom for its members, where a lot of self-commissioned drivers were registered for protection, as it were.
Hopes were dashed, when these operators could not accomplish promises made to members, as the system turned out to be a source of environment for the operators.
This scenario nevertheless plugged back the system into confusion again, as any emerging group could be taken very serious because of the antecedents.
But since the inception of Governor Chibuike Rotimi Amaechi government in Rivers brought, hope and relevance have been rekindled in the transport system, as real investment for the development of the transport system evolved in the state.
Governor Amaechi on January 29, 2008 organised a transport summit where egg heads in the transport sector both within and outside Rivers State gathered to brainstorm on the way forward and for the development of the transport system in the state.
At the summit, transport and related issues were discussed, and resolutions reached, which informed the basis for government transport policy in the state with the Skye Bank playing active role at the summit.
Decisions reached at the summit began to pay-off when the Skye Bank as a private financial institution in partnership with the state government rolled out the Port Harcourt City Bus Service Scheme (PHCBS); a scheme where multiple luxurious buses were used to service the Port Harcourt metropolis and its environs transport wise.
This effort of The Skye Bank’ efforts in partnership with the state government impacted positively on the system, particularly in the area of control of transport fare along the Aba Road axis which was its first point of call in operations.
This also gave rise to relatively organised transport system in the state as tickets were issued and the same fare charged both at the peak and off-peak in commuters rush hours.
At least there was no reported case of cut in distance of operations, and the most impressive aspect is that large number of commuters and passengers were moved from one point to another and buses were readily available, with designated bus stops remarkably built.
Another remarkable appearance was that of the Monier Haulage, that partnered with the Skye Bank to provide readily available and affordable transportation.
With the appearance of the Monier Haualge, PHCBS launched its operations within the Mile III- Rumuokoro and Choba axis, with multiple luxurious buses in its fleet.
Before the advents of the transport firm operators along UNIPORT-Rumuokoro axis, as well as that of Mile III, the fare charged by other private transporters were out rageous. But competition set in when Monier haulage started charging moderate fare against what others in Union have garged up to charge.
A fare charge of N100 from Choba to Rumoukoro has now been forced down to N50 by private mini buses drivers, while PHCBS takes only N40 both do Mile III and Choba.
Ideally, the major transport corridors in Port Harcourt metropolis are the Aba Road, and the Ikwerre Road axis, and this is where much passenger traffic is experienced. Next is the Rumuokoro-Choba and the Igwuruta axis, and on record, the PHCBS has taken over operations along the routes giving rise to competitive transportation.
Already, many commuters that ply the routes have made the PHCBS as their number one choice because their operations are well organised, easily available, no report of hike in fare at any time of the day, and of course with low transport fare.
This scenario has forced other mini bus operators to compete for passengers with lower fare charged in most cases.
Interestingly, many drivers no longer position their vehicles for loading at the park but are always seen outside the motor park to compete with the PHCBS operators at a reduced fare.
The reason is that the number of passengers that enter the motor park has drastically been reduced, since PHCBS positioned themselves outside the park to scout for passengers. This has affected the revenue base of most transport operators.
The Secretary of NURTW, Rumuokoro branch, Mr. Ikechukwu Orlu, agreed that the operations of PHCBS has brought competition to the system, and that the daily revenue to the union has reduced drastically. This prompted the reason for members to load outside according to him.
It is clear that this competitive scenario has reduced the burden on commuters on the road, and this of course will chart the course of advancement of transport system in the state, and the credit will be given to the initiators of the present administration.
Corlins Walter
Business
FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom
Business
Banks Must Back Innovation, Not Just Big Corporates — Edun
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
Business
FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.
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