Alkali Tasks Agencies On Attracting Private Sector Financing To Transportation Industry
The Minister of Transportation Senator Said Alkali has tasked management staff and agencies under the ministry to come up with ideas on how best to market projects and Programmes to attract private sector financing and investment.
He made the call on Thursday at the ongoing 2-day retreat on cascading of ministerial performance bonds in Abuja.
TheFact Daily recalled that last year, President Bola Tinubu signed a performance bond with ministers and permanent secretaries to track records and Key Performance Indicators (KPIs) for all Ministries, Department and Agencies (MDAs).
However, Alkali said the retreat would provide a platform to brainstorm on strategies needed to achieve set goals.
The Minister said, “ in view of the current state of government funding, we must open our minds to how best we can market our projects and programmes to attract private sector investment and financing. Public Private Partnership (PPP) as a financing model should leave pages of our presentations to tangible locations on our streets and highways.
“ I am optimistic that with the Land Transport Policy that is on its way, if we get our objective and strategies right, there will be an influx of international private investors to patronize our sector soon as I am convinced, we have what it takes to deliver on our Key Performance Indicators(KPIs).
“It is pertinent to state that that the importance of this Retreat cannot be overemphasized, as a retreat such as this affords us a valuable break from our routine official engagements, providing the space to evaluate, plan, strategize, and forge practical and implementable roadmap on how to pursue our corporate goals to produce result-oriented outcomes.
“Therefore, this Ministerial Retreat, is unique as it provides us with a platform to relate with ourselves on a round table with a view to understanding our roles as a key sector in the Economy, as well as to brainstorm on strategies needed to achieve our mandates.
According to the senator, the president is clear on the tangible results he wants MDAs to achieve under his watch, therefore, the signed Performance Bond is like an Iceberg of the Administration’s achievements.
It however does not constitute 100% of our mandate but is a pointer to our contribution to the priority projects and programmes of Mr. President
“A perusal of the Performance Bond indicates that more than 60-70% of our mandate and functions were not captured or spelt out in the Deliverables. However, it is expected that the outcome of this meeting will produce a robust and comprehensive implementation strategy that covers beyond the priority projects and programmes in the signed bonds.
“Against this background, there is no gainsaying that, the transportation sector stands as a strong enabler to the economy and a reservoir of immense potential that can sustain our nation, reduce the high indices of unemployment by creating skilled and unskilled jobs, reduce the cost of mobility, and eliminate unnecessary delay in the movement of people, goods and services. This underscored the urgent reason behind the development of the National Land Transport Policy (NLTP), as a panacea for achieving “a fast, safe, efficient, affordable, convenient, integrated, and inter-modal transport system that facilitates Nigeria’s socio-economic developmental needs and enhances the quality of life of the citizenry and the public at large.
On his part, the Permanent Secretary, Ministry of Transportation/Marine and Blue Economy, Olufemi Oloruntola said it is crucial to recognize that the performance bond encapsulates a comprehensive framework comprising initiatives, deliverables, key performance indicators (KPIs), timelines, and targets, essential for the sector’s advancement.
He added that,” Furthermore, while the Performance Bond outlines key projects, it is crucial to underscore the significance of addressing other pertinent initiatives not explicitly outlined. The Ministry commits to monthly reviews of Agency performances and quarterly appraisals, underscoring our unwavering dedication to advancing the transportation sector for the benefit of our citizenry.
“I emphasize the interconnectedness of our Agencies’ functions, urging for a harmonious working relationship to maximize efficiency and effectiveness,” he said.
