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Mr. Olawale Rasheed, a railway policy professional and former CEO of African Railway Consulting Limited, has called on President Bola Tinubu and the Federal Executive Council to urgently reform the Nigerian Railway Corporation (NRC). He emphasized that addressing the country’s transport challenges, exacerbated by poor roads, requires a revitalized railway system. Rasheed pointed out that the current railway sector suffers from outdated laws, structures, and equipment, necessitating critical reforms.
According to Rasheed, railway professionals in Nigeria are eagerly awaiting President Tinubu’s railway agenda. He stressed the need for embracing a private sector-led initiative, unbundling the NRC into four companies, amending the 1958 Railway Act, and adopting a Public-Private Partnership (PPP) funding model. Rasheed argued that unbundling the NRC is essential to align with global best practices, as having a single entity act as both operator and regulator can lead to inefficiency and corruption.
Dismissing concerns about potential job losses, Rasheed asserted that unbundling the NRC would create more job opportunities and promote efficiency in the sector. He urged the presidency to recognize that the railway sector is the only area in the national economy without liberalization. While other sectors like telecom, aviation, and oil and gas have attracted private investment, the railway sector remains stagnant. Rasheed concluded that decisive action from President Tinubu is crucial for preventing the rail sector from remaining weak, financially bankrupt, and inefficient.
