Protocol;
determined to ensure its passage in the manner that you, will advise through this public hearing.
The 8th National Assembly remains committed to providing the necessary legislative support to aid infrastructure development and lay down the architecture on which a new virile Nigerian economy could be built. The rail system is one of the most important arterial systems of our economy and therefore a major determinant of the success or otherwise of our economic reform package. However, not so much havebeen achieved in the past to move this critical vehicle of the economy from the colonial initiative it has been to a 21st century economy solution.
The existing law in the rail subsector was drafted and enacted to support an outmoded model that restricts management and investments in railway to the public sector. Aside the fact that this law has become too old and outmoded, many experts including the business community agree that there is need to separate the regulator from the operator and give investment remit to both the states and the private investor to invest in the sector. This, it is said, is to ensure a much more rapid deployment of the rail system across the nation and bring in competition, innovation and drive in this all-important sector.
Distinguished Colleagues, invited guests, I sincerely hope that the proposed Railway Bill will lead to andusher a new era of growth and enablement for the private sector to participate more robustly and directly in the provision of rail services and railway Infrastructure, while ensuring efficiency and sustainability.
As we begin deliberation on this bill, let me charge us to imagine the great benefit a new rail system enabling investment and promoting competition and innovation would have on the economy. The implications are already significant and direct, from the change it would bring to agriculture, mining, oil and gas, labourtransportation, urban planning to the sheer number of jobs that the construction and investment potential in this area holds.
We have no choice but to speedily and comprehensively review and pass this bill. It is no exaggeration to say that the passage of this bill and the implementation of its provisions will have the impact of a new economic revolution.
It is therefore with delight that I call on all of you to support this effort at changing the outlook of our rail system and our economy as a whole by contributing positively to this public hearing.
It is my hope that your contributions would further enrich the discourse at the Senate plenary and that the final draft would have captured the missing links.
I therefore enjoin all stakeholders in this public hearing to contribute gainfully in order to help the Committee arrive at more informed and conclusive decision.
On this note therefore, I wish to declare the Public Hearing open
I thank you all for listening.
PRESIDENT OF THE SENATE
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