Investment Opportunity in Providing Parking Space Services in markets in Nigeria.

Transportation systems and the routes they use have greatly influenced both how and where people live. Reliable transportation allows a population to expand throughout a country’s territory and to live comfortably in remote areas far from factories and farms.

Transport in one form or another is a basic and essential part of the daily rhythm of life. At different stages of development, however, and in different sets of circumstances, the nature of the demand for transport is likely to vary a great deal.

Road transport is the most commonly used mode of transportation in Nigeria today. Road traffic depends on the pattern of human settlements, accounting for more than 90 per cent of the sub-sector’s contribution to the Gross Domestic Product (GDP). Road transport activities involve the conveyance of passengers en-masse or in small numbers, the transportation   of animals, farm produce and merchandise and the rendering of mobile services (clinics, libraries and banks).

The optional use of motor cars for pleasure, which can be distinguished from the three uses listed above, also contributes tremendously to the importance of road transport in Nigeria.

With the increase in population and economic activities in Nigerian cities, the number of motor vehicles is growing at a faster rate than the proportion of urban space devoted to roads.

In Nigeria, statistics show that we had approximately 6.6 million registered vehicles that plied Nigerian roads in 2010. An estimated 9.8 million and 10.6 registered vehicles are on Nigeria roads in 2015 and 2016 respectively.

This, as expected, would exert enormous pressure on roads available infrastructure in the country, requiring a multifaceted approach to avoid deaths on transits and movement of goods /services.

The business of car parking globally can be described as a lucrative one; according to IPI (International Parking Institute), the U.S. parking industry generates more than $25-30 billion in gross parking revenues; also in South Africa it is said that the parking industry contributes to their gross domestic product, GDP (more than 8%).

Without a doubt, more organized parking facilities within major cities in Nigeria will not only prove to be an income generator but it could also help to reduce traffic congestion which is partly caused by indiscriminate parking along the largely congested streets.

Some of the areas where parking services can be exploited includes

Shopping Malls

Markets

Airports

Sea Ports

Also according to recent statistics by FRSC (Federal Road safety commission), there are more than 13 million active vehicles plying Nigerian roads today, of which more than 2 million alone are here in Lagos. What all these data point to is the fact there of course exists a market hugely untapped here in Lagos with regards to Car/vehicle parking services.

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About Author

Anaekwe Everistus Nnamdu is an enterprenuer and a market researcher. He owns and operate the following businesses www.foramfera.com --- A market Research Firm, www.365campaigner.com --- A dynamic mobile and e-mail marketing solution and www.365propertyportal.com --- Real Estate Development Firm.


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