Risk Management in Nigerian Transportation Networks

Abstract

As key stakeholders in the Nigerian transportation industry continue to contend with the interplay of factors contributing to risk exposure, infrastructure improvements, operational enhancements and regulatory measures, this study explores risk management in the Nigerian transportation networks with the aim of addressing the persistent challenges and enhancing safety and resilience. To guide the investigation, the study raised four research objectives. A sample of 664 was drawn from various stakeholders involved in the Nigerian transportation sector using the Cochran formula. However, 508 questionnaires returned were considered suitable for analysis. Employing a mixed-methods approach, data collected were analyzed via quantitative and qualitative means to ascertain predominant risk factors and challenges, evaluate existing policies and strategies, and identify opportunities for improvement. The findings of the study revealed that risk assessment plays a crucial role in quantifying the likelihood and consequences of identified hazards with provision of valuable insights into the risk profile of transportation systems. Findings also revealed that there are significant issues such as inadequate infrastructure, regulatory gaps, and security threats, contributing to heightened risks in land, air, and sea transport. Despite efforts to mitigate these risks, challenges persist, including funding constraints and bureaucratic inefficiencies. Overall, the study underscores the critical importance of effective risk management in ensuring efficient and safe transportation systems, essential for economic development and societal well being in Nigeria. The study recommends investment in modernized infrastructure, strengthening regulatory mechanisms, and enhancing capacity building and public awareness.