Sterling Bank Charts Path to Revamp Nigeria’s Transport, Logistics Sector

Sterling Bank Charts Path to Revamp Nigeria’s Transport, Logistics Sector

L-R Olapeju Ibekwe, CEO, Sterling One Foundation; Darlington Nwankwo, Divisional Head, Renewable Energy, Mobility and Tourism, Sterling Bank; Oluwaseun Osiyemi, Honorable Commissioner for Transportation, Lagos State: and Moyomade Akinyosoye, Divisional Head, Institutional Banking, Sterling Bank, at the recently concluded Nigeria Transport and Logistics Summit, hosted by Sterling Bank in Lagos recently.

Lagos — Industry leaders, policymakers, financiers, and innovators gathered in Lagos for the inaugural Nigeria Transport & Logistics Summit (NTLS) 2026, hosted by Sterling Bank Limited, with a strong call for coordinated action to reposition Nigeria’s transport and logistics ecosystem as a key driver of economic growth.

Held at Eko Hotel & Suites under the theme “Funding the Engine of Growth,” the summit highlighted the sector’s strategic importance to national productivity, regional integration, and trade competitiveness, while drawing attention to long-standing challenges such as infrastructure deficits, limited financing, and policy fragmentation.

Experts at the summit noted that while the logistics sub-sector contributes about ₦1 trillion to Nigeria’s GDP, the broader transport and logistics market holds an estimated value exceeding ₦15 trillion. Despite this potential, inefficiencies across ports, roads, and distribution networks continue to constrain growth.

Managing Director and CEO of Sterling Bank, Abubakar Suleiman, represented by Sterling One Foundation CEO Olapeju Ibekwe, stressed the need to move from problem identification to execution.

“We must move beyond diagnosing the problem to building integrated, modern logistics systems that can power productivity at scale,” he said, emphasizing the urgency of improving port operations, strengthening logistics corridors, and enhancing road and rail connectivity.

Suleiman added that Nigeria’s global competitiveness will increasingly depend on the efficiency of its movement of goods, people, and services, calling for bold, coordinated action across both public and private sectors.

Also speaking, the bank’s Divisional Head for Renewable Energy, Mobility and Tourism, Darlington Nwankwo, described logistics as the backbone of trade and national competitiveness. He noted that although the sector contributes just under four percent to GDP, its indirect impact on agriculture, manufacturing, and trade is far greater.

According to him, Sterling Bank is focused on linking capital to execution through innovative financing models that support multimodal transport systems, cleaner mobility solutions, and risk-sharing partnerships.

Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, urged stakeholders to translate plans into action, calling for strategic investments, progressive policies, and industry accountability to drive sustainable growth.

In his keynote address, economist Biodun Adedipe pointed out that nearly 90 percent of Nigeria’s logistics currently depends on road transport, leading to congestion and rising maintenance costs. He advocated diversification into rail and more durable infrastructure, cautioning that meaningful transformation would take time to materialize.

Panel sessions at the summit addressed key issues including cost reduction in logistics, aviation-road integration, modernization of energy distribution, and the adoption of environmentally sustainable mobility solutions.

The summit concluded with a consensus on the need for stronger public-private partnerships, improved regulatory coordination, and the development of structured financing mechanisms to de-risk infrastructure investments.

As Nigeria intensifies efforts to boost regional trade and expand non-oil exports, NTLS 2026 is seen as a significant step toward building a more efficient, resilient, and globally competitive transport and logistics sector.