Transport, Logistics Sector Could Add N15 Trillion to Nigeria’s GDP, Experts Say
Industry experts have projected that Nigeria’s transport and logistics market holds the potential to contribute over N15 trillion to the nation’s gross domestic product, highlighting the sector’s capacity to become a major driver of economic growth. The forecast emerged during the Nigeria Transport & Logistics Summit (NTLS) 2026, hosted by Sterling Bank in Lagos.
Currently, the logistics sub‑sector alone accounts for an estimated N1 trillion in GDP, according to panelists at the event, underscoring both its existing significance and the vast untapped opportunities for expansion.
The summit brought together policymakers, industry leaders, investors, and academics to explore strategies for improving efficiency, modernising infrastructure, and attracting private investment into the transport ecosystem. Among those in attendance were the Managing Director of the Lagos Metropolitan Area Transport Authority, Engr. Abimbola Akinajo; the Special Adviser to the Lagos State Governor on Blue Economy, Mr. Damilola Emmanuel; and other key stakeholders.
Speaking on the theme “Funding the Engine of Growth,” Sterling Bank’s Managing Director and Chief Executive Officer, Abubakar Suleiman, represented by the Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, noted that while challenges such as port congestion, inefficient supply corridors, high operating costs, and fragmented infrastructure are well documented, the real opportunity lies in moving beyond problem diagnosis to coordinated execution.
“We must move beyond diagnosing the problem to building integrated, modern logistics systems that can power productivity at scale,” Suleiman said. “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.”
Darlington Nwankwo, Divisional Head of Renewable Energy, Mobility, and Tourism at Sterling Bank, described logistics as the backbone of trade and national competitiveness. He emphasised the critical role of financing in unlocking sectoral growth, stating that the bank is focused on connecting capital to execution through financing solutions that support multimodal transport systems and cleaner mobility, while partnering with government and private players to reduce investment risk.
Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, called 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 swiftly move from planning to implementation and encouraged investors to back infrastructure and innovation.
Delivering the keynote address, Professor Biodun Adedipe provided a detailed analysis of Nigeria’s logistics dependence, noting that nearly 90 percent of freight transport relies on road networks, a situation that fuels congestion, high maintenance costs, and inefficiencies. He advocated for diversification into rail and more durable infrastructure, while cautioning that meaningful transformation would require patience and long‑term planning, with tangible results unlikely within 18 months.
The summit concluded with a consensus among experts that bold execution, modern infrastructure, and strategic financing could unlock trillions of naira in GDP, reduce operational inefficiencies, enhance trade competitiveness, and generate new jobs across the economy. Stakeholders agreed that Nigeria must shift from incremental improvements to transformational change to realise the sector’s full economic potential.