The Federal Government has been urged to prioritize investment in Nigeria’s logistics sector, valued at over N15 trillion, to unlock the country’s economic potential.
This call was made at the Courier & Logistics Management Institute (CLMI) 2024 International Conference & Investiture event in Lagos. Industry experts gathered to discuss challenges and propose solutions for the growth of this vital sector.
Prof. Simon Emeje, CLMI’s executive chairman, highlighted the sector’s significant potential, stating, “The market could be worth as much as N25 trillion.” He emphasized the need for increased government investment to boost the sector’s contribution to GDP, currently around 4%, to international standards of 7-8%.
Industry experts at the event proposed various strategies, including logistical innovations and advanced transport management approaches, to elevate the sector’s status in Nigeria’s economic agenda.
Benue State Governor, represented by Chief Aber Terseer Benjamin, shared the state’s commitment to the sector. He highlighted initiatives like the purchase of buses for affordable transportation and the revival of Benue Links Company to improve intercity movement. The governor also expressed interest in collaborating with CLMI to further enhance the state’s transportation system.
Dr. Sam Ohuabunwa, Chairman of the Africa Economic Summit, emphasized the crucial role of logistics in economic transformation. He advocated for strategic investments in infrastructure, energy, and broadband technology to reduce production costs, increase global competitiveness, and stimulate industrial growth.
Dr. Oluwasegun Musa, CEO of Widescope International Logistics, stressed the need for modernization and policy reform within Nigeria’s logistics sector. He highlighted the importance of robust infrastructure and advanced technologies to compete globally.
All speakers emphasized the importance of strategic investments, public-private partnerships, and policy reforms to unlock Nigeria’s full economic potential through the logistics sector.