By Our Reporter
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| L-R Olapeju Ibekwe, CEO, Sterling One Foundation; Darlington Nwankwo, Divisional Head, Renewable Energy, Mobility and Tourism, Sterling Bank; Oluwaseun Osiyemi, Honorable Commissioner for Transportation, Lagos State: and Moyomade Akinyosoye, Divisional Head, Institutional Banking, Sterling Bank, at the recently concluded Nigeria Transport and Logistics Summit, hosted by Sterling Bank in Lagos recently. |
Nigeria’s transport and logistics sector took centre stage in Lagos as industry leaders, policymakers, and financiers gathered to confront a long-standing reality: the systems that move the nation’s economy are underperforming—and urgently need fixing.
This formed the core of discussions at the inaugural Nigeria Transport & Logistics Summit (NTLS) 2026, hosted by Sterling Bank at Eko Hotel & Suites, where stakeholders outlined a roadmap for building a faster, more efficient, and globally competitive logistics ecosystem.
Held under the theme “Funding the Engine of Growth,” the summit reframed transport and logistics not just as infrastructure concerns, but as critical enablers of productivity, trade, and national development.
A Sector with Untapped Potential
Nigeria’s logistics ecosystem remains one of the most under-leveraged sectors of the economy despite its vast potential.
While the logistics sub-sector contributes an estimated ₦1 trillion to GDP, experts at the summit noted that the broader transport and logistics market could exceed ₦15 trillion in value if structural challenges are addressed.
Yet, persistent issues—ranging from port congestion and weak infrastructure to fragmented policies and limited access to financing—continue to constrain growth.
From Diagnosis to Execution
In his remarks, Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, represented by Sterling One Foundation CEO, Olapeju Ibekwe, emphasized that the time for identifying problems has passed.
“What is required now is coordinated execution,” he said.
“We must move beyond diagnosing the problem to building integrated, modern logistics systems that can power productivity at scale. This includes fixing ports, strengthening logistics corridors, and improving road and rail connectivity.”
He warned that Nigeria’s global competitiveness will increasingly depend on how efficiently it moves goods, people, and services.
Logistics as the Backbone of Growth
Also speaking, Divisional Head, Renewable Energy, Mobility and Tourism at Sterling Bank, Darlington Nwankwo, described logistics as a foundational driver of economic activity.
According to him, while the sector contributes just under four percent to GDP, its true value lies in enabling productivity across key sectors such as agriculture, manufacturing, and trade.
“At Sterling, we see our role as connecting capital to execution,” he said, highlighting the bank’s focus on designing financing solutions that unlock entire value chains rather than simply funding isolated infrastructure projects.
Government and Policy Alignment
Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, reinforced the need for decisive action, calling on policymakers, investors, and industry leaders to collaborate more effectively.
He described the summit as a strategic platform for shaping the future of mobility, trade, and connectivity in Nigeria, urging stakeholders to move swiftly from planning to implementation.
The Cost of Overdependence on Roads
Delivering the keynote address, Professor Biodun Adedipe drew attention to Nigeria’s heavy reliance on road transport, which currently accounts for nearly 90 percent of logistics movement.
This overdependence, he noted, has resulted in increased congestion, rising maintenance costs, and inefficiencies that hinder economic growth.
He advocated for diversification into rail and more durable infrastructure, cautioning that meaningful transformation will take time.
“Economic change of this scale will not happen overnight. We must be prepared for a gradual process,” he said, noting that tangible results may take at least 18 months to materialise.
Driving Solutions Through Collaboration
Panel sessions throughout the summit explored practical solutions, including reducing logistics costs, modernising aviation and road networks, improving downstream energy distribution, and accelerating the adoption of sustainable mobility systems.
A recurring theme across discussions was the need for stronger public-private partnerships, improved regulatory coordination, and innovative financing frameworks capable of de-risking large-scale infrastructure investments.
A Turning Point for Nigeria’s Logistics Future
As Nigeria positions itself to take advantage of regional trade opportunities and expand non-oil exports, the efficiency of its transport and logistics systems will play a defining role.
NTLS 2026 signals a shift from conversation to action—one that places execution, investment, and collaboration at the heart of reform.
For Sterling Bank and other stakeholders, the message is clear: fixing Nigeria’s logistics backbone is no longer optional—it is essential to unlocking the country’s economic potential.