Sterling Bank Urges Action to Revamp Nigeria's Logistics

During the Nigeria Transport Logistics Summit 2026, held at Eko Hotel in Lagos, Mr. Abubakar Suleiman, Managing Director and Chief Executive Officer of Sterling Bank, emphasized the urgent need for coordinated actions to address Nigeria's transport and logistics sector.

He highlighted that this sector is critical for leveraging economic growth, contributing approximately ₦1 trillion to the nation's GDP, with a market value exceeding ₦15 trillion. Suleiman pointed out the challenges faced, including port congestion, inefficient corridors, and high operational costs.

He advocated for the implementation of effective policies to build an integrated modern logistics system that enhances product scalability. Mr.

Darlington Nwankwo, Division Head of Renewable Energy and Mobil Tourism at Sterling Bank, noted that the logistics sector contributes less than 4% to Nigeria's GDP, despite its significant economic impact. The summit concluded with calls for sustained public-private collaboration and the creation of regulatory frameworks to de-risk infrastructure investments.