Courier and Logistics Management Institute (CLMI) has called on the Federal Government of Nigeria to prioritize investment in Nigeria’s logistics sector, with the aim of tapping into its potential of boosting the nation’s Gross Domestic Product (GDP) by 60%.
This call was made at the CLMI 2024 International Conference & Investiture event in Lagos, where Industry experts and stakeholders gathered to discuss challenges and propose solutions to the growth of the subsector.
CLMI’s Executive Chairman, Prof. Simon Emeje, highlighted the sector’s significant potential, stating, that the sector currently valued at over N15 trillion, could be worth as much as N25 trillion. He emphasized the need for increased government investment, currently around 4%, to international standards of 7-8%, to boost the sector’s contribution to GDP, and further unlock the country’s economic potential.
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.
Chairman of the Africa Economic Summit, Dr. Sam Ohuabunwa, 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.
Also speaking at the forum, CEO of Widescope International Logistics, Dr. Oluwasegun Musa, stressed the need for modernisation 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.
