Transport stakeholders seek reforms, investment at logistics summit

Industry stakeholders have called for urgent reforms and increased investment in Nigeria’s transport and logistics sector at the Nigeria Transport and Logistics Summit (NTLS) 2026 held in Lagos.

The summit, hosted by Sterling Bank and themed “Funding the Engine of Growth,” brought together policymakers, financiers, industry leaders and innovators to discuss strategies for improving mobility, trade and logistics efficiency across the country.

Participants at the event described the transport and logistics sector as a key driver of economic growth, but noted that its performance has been constrained by underinvestment, poor infrastructure and limited access to financing.

They observed that while the logistics sub-sector contributes about N1 trillion to Nigeria’s Gross Domestic Product (GDP), the overall market holds an estimated potential of over N15 trillion if properly developed.

Representing the Managing Director of Sterling Bank, the Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, stressed the need for coordinated action to address challenges such as port congestion, inefficient logistics corridors and high operating costs.

She said stakeholders must move beyond identifying problems to implementing solutions that will improve connectivity across road, rail and port systems.

Also speaking at the event, the bank’s Divisional Head for Renewable Energy, Mobility and Tourism, Darlington Nwankwo, described logistics as the backbone of national productivity, noting that its efficiency impacts key sectors including agriculture, manufacturing and trade.

The Commissioner for Transportation in Lagos, Oluwaseun Osiyemi, said the summit provided a platform for shaping the future of transportation in Nigeria. He urged investors to support infrastructure development and called on policymakers to fast-track implementation of reforms in the sector.

In his keynote address, Biodun Adedipe highlighted structural challenges facing the sector, noting that about 90 per cent of logistics operations in Nigeria rely on road transport, resulting in congestion and high maintenance costs.

He advocated increased investment in rail infrastructure and the development of more resilient transport systems to enhance efficiency.

Panel sessions at the summit examined ways to reduce logistics costs, improve integration between aviation and road transport, modernise energy systems and accelerate the adoption of sustainable mobility solutions.

READ ALSO: “Jos Must Be Just”-Tinubu Demands End To Cycle Of Violence

Participants emphasised the importance of public-private partnerships, improved regulatory coordination and innovative financing models to drive growth in the sector.

The summit concluded with a renewed commitment by stakeholders to collaborate in building a safer, more efficient and globally competitive transport and logistics system in Nigeria.