Sterling Bank has unveiled a strategic blueprint aimed at transforming Nigeria’s transport and logistics architecture, a sector experts say holds an estimated N15tn potential economic impact.
The plan was presented at the inaugural Nigeria Transport and Logistics Summit 2026, held under the theme ‘Funding the Engine of Growth’, where stakeholders assessed the current state of the country’s logistics infrastructure and explored pathways to unlock growth.
At the summit, industry leaders revealed that while Nigeria’s logistics sub-sector currently contributes about N1tn to the national Gross Domestic Product, an estimated N14tn remains untapped due to inefficiencies, infrastructure gaps, and underinvestment.
Addressing regulators, investors, and industry stakeholders, the Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, represented by the Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, emphasised the urgent need for a comprehensive overhaul of the sector.
“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,” he said.
Suleiman noted that Nigeria’s global competitiveness increasingly depends on its ability to move goods, people, and services more efficiently and at lower costs.
“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 added.
Shifting the conversation from policy to financing, Sterling Bank’s Divisional Head of Renewable Energy, Mobility, and Tourism, Darlington Nwankwo, stressed that although the logistics sector contributes less than four per cent to GDP directly, its importance to agriculture and manufacturing makes it a critical enabler of economic growth.
“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, from ports to inland distribution networks,” Nwankwo said.
He further explained that the bank’s strategy focuses on connecting capital to execution through innovative financing structures that reduce risks across the logistics ecosystem.
“At Sterling, we see our role as connecting capital to execution, designing financing solutions that do not just fund infrastructure but unlock entire value chains. The opportunity before us is not just to fix what is broken but to build a logistics ecosystem that is faster, more efficient, and globally competitive,” he added.
Government officials also highlighted the need for swift action to address the sector’s structural challenges. The Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, urged policymakers and investors to convert discussions into concrete implementation.
“I urge policymakers to move swiftly from planning to implementation, call on investors to support infrastructure and innovation, and encourage industry leaders to champion efficiency, sustainability, and accountability,” Osiyemi said.
Delivering the keynote address, Professor Biodun Adedipe warned that Nigeria’s heavy reliance on road transport remains a major challenge, noting that about 90 per cent of the country’s logistics operations currently depend on road networks, leading to congestion and increased maintenance costs.
“Economic transformation requires patience, with meaningful results unlikely to materialise in under 18 months,” Adedipe cautioned.
Stakeholders at the summit concluded that developing a multimodal transport system integrating rail, road, and air networks, alongside the adoption of cleaner energy solutions, will be key to positioning Nigeria’s logistics sector as a globally competitive powerhouse.
