Business
Transport Stakeholders Want Operations Standardised
Some stakeholders in the
transport sector have identified the lack of standardisation and self-regulation as the bane of improved customer service.
The operators spoke at a forum, tagged, “The Interstate Transport System,’’ organised by the Association of Private Transport Company Owners of Nigeria (APTCON), on Wednesday, in Lagos.
According to them, the standardisation and regulation of the transport sector would further reduce cases of road crashes, increased operational efficiency, and increased revenue for transport operators.
Managing Director, Jetvan Automobile, Mr Tobi Ajayi, said, “Nigeria is a very big country in economy and population, but the question is how do you provide transport services for such a large number of people?
“There is no doubt that having the huge number of road users on the roads put so much pressure on our roads
“One of the ways to ensure we are safe is to have standard, have very good vehicles on the road, use vehicles that have very good warranties so that you can always be safe when you convey people.
Operations Head, Oya.com Mr Ezekiel Ojabulu, also said, “We are not regulated or organised; the market is unregulated; it has been left to transport unions, but we must make it as regulated as it should be.
“It is not too late because organising road transport in Nigeria is one of the best things we could do in enhancing more customer service.
“Only less than five per cent of daily travellers can comfortably seat in their homes and book for tickets online in advance because they do not trust the operators.
“An ordinary man travelling today would want to make sure he goes to the park because he wants to know the state of the vehicle he would travel in or the driver.
“These are all signs of unorganised market; anybody who has enough money to buy one or two vehicles suddenly addresses himself as a transporter.
“So, if you have standards it would address issues regarding revenue, customers will be able to trust the industry, improve your cost or fares, and increase your revenue profile.’’
Mr Michael Adedigba, Director of Operations, God is Good Motors, said given the continued increase in production cost, there was need for transport operators in the country to have a holistic approach to fare increase.
He said, “We don’t want to lay off workers, but we want to ensure that our commuters enjoy the best of service and ensure our infrastructure is well maintained.’’
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.
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.
