Logistics Industry To Grow Over $3trn By 2030

Nigeria’s logistics industry has been projected to hit over $3 trillion growth in 2030, which is a significant part of the over $9 trillion value of the industry globally.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, made this projection yesterday at the official opening of the international headquarters of a logistics firm – Zenith Carex, in Abuja, which coincided with the 51st birthday anniversary of its managing director/CEO, Dr. Adelana Olamilekan.

The minister noted that the industry’s significant growth, particularly in Africa, where intercontinental trade is set to flourish under the African Continental Free Trade Area Act (AfCFTA), cannot be overemphasised. He expressed delight that the logistics sector has grown steadily at an average annual rate of about 8.5 per cent in the country over the past five years due to increase in e-commerce, manufacturing, agricultural businesses and increased participation in regional trade.

The Minister, who was represented by the executive director/CEO, Nigerian Export Promotion Council (NEPC), Nonye Ayeni, described logistics as one of Nigeria’s fastest growing industries that is vital in shaping private sector’s businesses.

She said: “Across the field of today’s economy, the role of logistics in terms of trade facilitation and economic diversification will not be more timely. As we collectively navigate complex domestic and global trade environments, the efficiency of our logistics system has become central to achieving our broader national goals.

“From food security to the urgent responsibility of integration and inclusiveness in a country of over 200 million people spread across vast terrain and diverse geographies, logistics determine access and affordability globally.

“Logistics have evolved from a back-end support function into a strategic enabler for growth. In Nigeria, the sector is one of the fastest-growing, driven by rising consumer demand, expanding telecoms and the emergence of technology-driven supply chain solutions. Globally, the logistics industry is valued at over $9 trillion.”

The minister noted that facilities such as Zenith Carex, directly addressed the infrastructure gap by improving storage capacity of temperature-sensitive goods, vaccines and agricultural goods.

She, however, stressed the need for Nigeria to tackle structural challenges, high cost of trade, infrastructural deficits, fragmented regulatory frameworks and limited multimodal connectivity.

“These challenges impose significant costs on businesses and diminish our productivity. The future of logistics will be digital, green and inclusive.

“Transforming Nigeria’s logistics sector is not the job of the government alone. It requires the shared vision, investment, and collaboration of all stakeholders, public and private, local and global,” he said.

In his remarks, the CEO, Zenith Carex, Dr. Olamilekan Adelana, expressed optimism and persistent belief that service, excellence and integrity could build something meaningful, adding that Zenith Carex “is not just a company but a community.”

The company is one of the largest firms in the logistics industry with over 80 branches nationwide in the last 22 years of establishment, the company prides itself as one of the major names in the logistics industry.