By: Punch newspapers

The call was made at the Courier & Logistics Management Institute’s 2024 International Conference and Investment event in Lagos, where stakeholders underscored the sector’s potential to drive significant economic growth.

Delivering the keynote address, the Chairman of the Africa Economic Summit, Dr Sam Ohuabunwa, emphasised broadband and infrastructure as essential enablers for the sector.

“Broadband is a critical tool for modern logistics, bridging the gap between production and consumption in real-time,” he said.

Ohuabunwa also stressed the need for accessible credit for small businesses and agriculture, adding that robust infrastructure could reduce production costs and improve Nigeria’s global competitiveness.

Countries around the world are already leveraging technology to improve their logistics industries. In the Gulf Cooperation Council countries, including Saudi Arabia, AI, IoT, and blockchain are being used to modernize logistics and capture a share of the global logistics market, which is projected to reach $12.8tn by 2025, according to an industry report.

 While Nigeria is investing in expanding its broadband infrastructure, the country still faces significant challenges in establishing a robust digital framework necessary to support its logistics sector.