Sterling Bank Charts Way Forward for Nigeria's Transport, Logistics Sector

 

Lagos, Nigeria, Industry leaders, policymakers, financiers, and innovators convened in Lagos today for the inaugural Nigeria Transport & Logistics Summit (NTLS) 2026, hosted by Sterling Bank at Eko Hotel & Suites, to forge 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 positioned Nigeria's transport and logistics sector as a critical but under-leveraged driver of productivity, regional integration, and economic growth. Transport, mobility, and logistics collectively form the backbone of the Nigerian economy, yet chronic underinvestment, infrastructure deficits, and limited access to financing have long constrained its potential. 

Transport, mobility, and logistics collectively form the backbone of Nigeria’s economy. While the logistics sub-sector alone contributes approximately ₦1 trillion to national GDP, experts estimate that the broader transport and logistics market exceeds ₦15 trillion in potential value. Yet persistent infrastructure gaps, inefficiencies, financing constraints, and policy fragmentation continue to limit the sector’s full impact.

NTLS 2026 brought together senior government officials, regulators, infrastructure operators, investors, development partners, and private sector leaders to address critical priorities including multimodal connectivity, airport and road modernization, energy-efficient mobility, digital trade facilitation, and innovative financing frameworks.

 

Speaking at the summit, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, represented by Sterling One Foundation CEO, Mrs. Olapeju Ibekwe, called for urgent, coordinated action to fix the systems that move Nigeria’s economy forward.

 

He emphasized that while Nigeria’s transport and logistics challenges, ranging from port congestion to inefficient corridors and high operating costs, are well documented the real opportunity lies in effective 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,” Abubakar concluded.

 

Also speaking at the event, the Divisional Head, Renewable Energy, Mobility and Tourism at Sterling Bank, Mr. Darlington Nwankwo, described logistics as the backbone of trade, industry, and national competitiveness.

He noted that while the sector contributes just under four percent to Nigeria’s GDP, estimated at approximately ₦15trillion, its true economic impact is significantly larger when viewed 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, from ports to inland distribution networks.”

“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. This includes supporting multimodal transport systems, enabling cleaner mobility solutions, and partnering with both government and private sector players to reduce investment risk. 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.”

Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, echoed the call for bold ideas, strategic investments, and forward-looking policies, describing the summit as a vital platform to shape the future of movement, trade, and connectivity in Nigeria. He urged policymakers to move swiftly from planning to implementation, called on investors to support infrastructure and innovation, and encouraged industry leaders to champion efficiency, sustainability, and accountability.

 

In his keynote address, Professor Biodun Adedipe grounded these ambitions in hard realities, noting that with nearly 90 percent of Nigeria's logistics dependent on road transport, the country faces mounting congestion and maintenance costs that demand diversification into rail and more durable infrastructure. He cautioned that economic transformation requires patience, with meaningful results unlikely to materialise in under 18 months. 

 

Panel discussions throughout the day focused on reducing logistics costs, strengthening aviation and road integration, modernizing downstream energy distribution, and accelerating the adoption of cleaner and more sustainable mobility solutions.

The summit concluded with a call for sustained public-private collaboration, stronger regulatory coordination, and the creation of structured financing vehicles to de-risk infrastructure investments.

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

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About Sterling Bank

Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.

 

Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at large.

 

Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.