NIGERIA incurs annual losses ranging from N3.5 trillion to N5 trillion due to logistics inefficiencies, as noted by a logistics stakeholder.
Dr. Boboye Oyeyemi, President of the Chartered Institute of Logistics and Transport (CILT) Nigeria, emphasized that poor logistics and operational inefficiencies within the transport ecosystem are increasing costs for businesses and consumers, adversely affecting major sectors such as agriculture and manufacturing.
But, what is to be done to lop off this tentacle?
Opeyemi, who highlighted logistics as vital for trade and industrial growth. proposed increased use of inland waterways as alternatives to road freight.
He called for better port-linked infrastructure and regulatory reforms to boost cargo movement. Key developments include the Lekki Deep Sea Port and expansions at Onne Port, facilitating more efficient cargo distribution.
Opeyemi maintained that collaboration among various stakeholders is essential to overcome logistic hurdles and fully harness Nigeria’s maritime economy.
Stakeholders at a recent event unanimously agreed on improving logistics to reduce costs and enhance Nigeria’s trade under AfCFTA.