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Gbeminiyi Ogunleye
3 weeks ago
Overview
Experts urge multimodal transport solution as Nigeria’s logistics market nears $76.8b
Experts have stressed the need for a multimodal approach to logistics sector development, particularly the integration of inland waterways, as container port traffic is projected to reach 1.67 million twenty-foot equivalent units (TEUs) by 2025.
According to Statista Market Insights, Nigeria’s transport and logistics market is expected to reach $76.8 billion by 2029, with a compound yearly growth rate (CAGR) of 0.75 per cent between 2025 and 2029.
The Country Representative of Port of Antwerp-Bruges International, Taiwo Olajide, said the figure depicts how much the transportation and logistics market can grow, noting that realising this growth depends on addressing key bottlenecks, including infrastructure deficits, safety concerns, limited integration with hinterland transport, port congestion and revenue losses.
