Players in Nigeria’s transportation value chain said despite the importance of the sector to economic growth, underinvestment, infrastructure deficits and limited funding continue to undermine its performance, BENJAMIN ALADE reports.

Industry leaders, policymakers, financiers and innovators gathered in Lagos for the inaugural Nigeria Transport and Logistics Summit (NTLS) 2026 hosted by Sterling Bank to chart actionable strategies for building a faster, more connected Nigeria through transport, mobility and logistics.

Held under the theme: ‘Funding the Engine of Growth’ the summit spotlighted Nigeria’s transport and logistics sector as a critical yet under-leveraged driver of productivity, regional integration and economic expansion.

Despite forming the backbone of the economy, the sector continues to grapple with chronic underinvestment, infrastructure deficits and limited access to financing.

Experts noted that while the logistics sub-sector contributes approximately N1 trillion to Nigeria’s gross domestic product (GDP), the broader transport and logistics market holds an estimated potential exceeding N15 trillion.

Yet, persistent inefficiencies, policy fragmentation and funding constraints continue to hinder its full impact.

Speaking at the summit, Sterling Bank’s Managing Director, Abubakar Suleiman, who was represented by the Chief Executive Officer (CEO), Sterling One Foundation, Olapeju Ibekwe, called for urgent and coordinated action to fix the country’s transport system.

He noted that while challenges such as port congestion, inefficient corridors and high operating costs are well-known, the real opportunity lies in execution.

“We must move beyond diagnosing the problem to building integrated, modern logistics systems that can power productivity at scale. This means fixing our ports, strengthening logistics corridors, improving road and rail connectivity, and embedding efficiency across the value chain.

“Nigeria’s competitiveness both regionally and globally will increasingly depend on how effectively we move goods, people, and services. The time for incremental change has passed; what is required now is bold, coordinated execution across public and private sectors,” he said.

Also speaking, Sterling Bank’s Divisional Head for Renewable Energy, Mobility and Tourism, Darlington Nwankwo, described logistics as the backbone of trade and national competitiveness.

While noting the sector contributes just under four per cent to GDP, he stressed its broader role as an enabler of productivity across agriculture, manufacturing and trade.

“We must be deliberate about fixing the logistics backbone of the economy if we are to unlock the growth we need. Nigeria’s trade competitiveness is directly linked to the efficiency of its logistics corridors.

Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, explained that the summit was a critical platform for shaping the future of movement and trade in Nigeria.

He urged policymakers to accelerate implementation and called on investors to back infrastructure and innovation, and encouraged industry leaders to prioritise efficiency, sustainability, and accountability.

In his keynote, Prof. Biodun Adedipe emphasised the structural realities facing the sector, noting that nearly 90 per cent of Nigeria’s logistics relies on road transport, leading to congestion and rising maintenance costs.

He advocated for diversification into rail and more resilient infrastructure, while cautioning that meaningful transformation would require time and sustained effort.

Panel sessions at the summit explored strategies for reducing logistics costs, improving aviation-road integration, modernising energy distribution systems and accelerating the adoption of sustainable mobility solutions.

The summit canvassed a strong and sustained public-private collaboration, improved regulatory coordination and the development of structured financing mechanisms to de-risk infrastructure investments.

As Nigeria seeks to strengthen its regional trade position and unlock non-oil export growth, NTLS 2026 marks a significant step towards building a more integrated, resilient and globally competitive transport and logistics ecosystem.