This call to action was highlighted at the Courier & Logistics Management Institute (CLMI’s) 2024 International Conference & Investiture event in Lagos, where industry experts and professionals gathered to address challenges and propose solutions for growth in this vital sector.

According to Dist. Prof. Simon Emeje, the executive chairman, Courier & Logistics Management Institute (CLMI), “The combined worth of Nigeria’s courier, logistics, transport, and management industry is staggering. Valued at no less than N15 trillion, this sector is crucial to Nigeria’s economic future.” He cited research showing the market potential could be as high as N25 trillion.

Prof. Emeje explained,

“In many countries, this sector contributes approximately 7-8% to GDP. However, in Nigeria, its contribution currently stands at around 4%, revealing a substantial gap that, if addressed, could unleash transformative growth.”

He called on the Nigerian government to harness the resources within the sector, stressing that investment could unlock revenue streams contributing up to 60% of the annual national budget.

To underscore these points, industry experts at the event presented strategies such as logistical innovations and advanced transport management approaches, advocating that the sector should become a cornerstone of Nigeria’s economic agenda.

Following the CLMI’s offer to collaborate with the government at different levels to harness this potential through public-private partnerships, regulatory reforms, and targeted investment, Reverend Father (Dr.) Hyacinth Iormem Alia, the executive governor of Benue State, said the State has queued into the courier and transportation sector to better the worth of citizens.

The Governor, represented by Chief Aber Terseer Benjamin, the chief executive of FarmBasket Global Resources Limited, said “Benue Links Company holds greater economic opportunities for our dear State and our administration needed to act fast to rescue and reposition the Company that almost went comatose to its current status.

“We purchased one hundred buses with support from the Federal Government and handed them over to Benue Links Limited to provide affordable means of transportation for our people.

“The procurement of these Buses was to cushion effects of the transportation challenge that was occasioned by the removal of fuel subsidy by the Federal Government. Not quite long, our administration repaired some of the Marco Polo Buses of Benue Links that la​ed dormant for many years for an intercity movement.

“Passengers are being transported from one point of Makurdi town, worth almost four kilometres, to another destination just for two hundred naira only. Our people are very happy with this modest effort too.

“Benue Links Limited has also commenced the lifting of goods from Lagos to other parts of the country using high profile Trucks that have been positioned in Lagos specifically for this task. The rates offered by Benue Links in providing this service are more-friendly as compared to other Companies offering similar service”.

He extended partnership handshake to CLMI to liaise with the management of Benue Links Company on how best they could synergise to enhance the transportation system in the country.

Dist. Professor Anya O Anya, the chairman of the conference, said that Nigeria had a lot to benefit if the industry’s potential were properly harnessed for development.

“We have a path to follow and that is how we can be successful as a nation. It is not about where we are coming from, but where we are heading.

“Nigeria is blessed with brains that can help her grow, but the question is are we making use of the opportunities?

In his keynote address, Dr. Sam Ohuabunwa, chairman of the Africa Economic Summit, emphasized logistics as an essential tool for Nigeria’s economic transformation.

Speaking on the theme, “Unlocking Economic Potentials and Fostering Nation-building through Logistics Instruments,” he explained, “Logistics is the process of planning and executing efficient transportation and storage of goods. It’s fundamental to economic growth, acting as a bridge to meet consumer needs in a cost-effective and timely manner.”

Dr. Ohuabunwa also called for strategic investment in infrastructure, energy, and broadband technology. “Robust infrastructure can reduce production costs, increase global competitiveness, and stimulate industrial growth,” he said.

He stressed the need for better access to credit at single-digit interest rates to enable growth in agriculture and small businesses.

The keynote speaker noted that despite Nigeria’s abundant resources, the country’s economy is hampered by insufficient infrastructure, underdeveloped industrial capacity, and over-reliance on imports.

He encouraged a return to productivity-driven economic planning, proposing government investment in essential infrastructure to stabilize the economy, improve foreign reserves, and strengthen the Naira.

Dr Adebayo Shittu,  a former Minister of Communication, called on the government to extend its dragnet to those that are not in the “political party” to draw ideas from them.

“Ideas have their gestation period at which they grow. I am happy that we have a national assembly that listens.

“We want people with exceptional ideas to bring national reforms to boost the growth of the logistics industry,” Shittu said.

“We are still at the lowest stage of logistics compare to advanced countries.

“Considering the way we run logistics, we have yet to meet the expectations. Logistics is still at its infancy and we have yet to tap into the potentials within the confines of trade.

“Looking at the total value chain we realised that logistics takes a critical role especially if we have to develop the economy, “Musa said.

Musa noted that it was necessary to identify the potential in the industry and explore them.

“How do we explore the potential? There must be policy drive for the logistics sector to align with the best international practice around the world,” he said.

Musa also emphasised the importance of adequate infrastructure for the logistics sector.

“We need to collaborate and bring resources from areas that are concentrated, to where they are needed.

“We need to look at it holistically. The world has advanced from using bicycles to deliver packages. Others are looking at possibilities such as using drones to speed up delivery, ” he said.

Musa noted that it was necessary to modernise logistics by bringing experts together to discuss technical issues hindering the development of the industry in Nigeria.

Despite the inability of the Tola Odeyemi, the Postmaster General of the Federation (PMG)/CEO of NIPOST to grace the occasion, all speakers highlighted the importance of strategic investments in courier and logistics and infrastructure development to unlock Nigeria’s full economic potential.

Their recommendations included increasing public-private collaborations, placing industry experts in key positions, and adopting policies that support sector growth.

The NACCIMA President said cooperative societies needed policy to boost their capacity to unlock capital for SMEs at a recently held 8th National Cooperative Summit Exhibition and Awards 2024.

Oye observed that SMEs faced persistent challenges in accessing affordable and sustainable capital, which had hindered their growth and contribution to the economy.

“Traditional financial institutions often impose prohibitive interest rates and stringent lending criteria, making it difficult for SMEs to secure the necessary funding to scale and thrive,” he said.

Oye acknowledged the Gateway Cooperative Multipurpose Society in Ogun State and the Lagos State Cooperative Federation as he highlighted how cooperative societies had been bridging the financing gap for SMEs.

He recommended engaging with policymakers to establish a favourable regulatory environment for cooperatives, including advocating for tax incentives, legal protections, and streamlined registration processes.

He also canvassed organising training programmes and workshops focused on financial management, business planning, and governance for cooperative members and carrying out awareness campaigns to educate SMEs about the benefits of joining cooperative societies.

“Launch awareness campaigns to educate SMEs about the benefits of joining cooperative societies and how they can access funding through these organisations,” Oye noted.

He urged stronger partnerships between states and cited the Ogun-Lagos Joint Development Commission as a model for how inter-state collaboration could create a more supportive environment for cooperatives and SMEs.

The NACCIMA President recommended that the Federal and State Governments invest in research to identify innovative cooperative models and tailor them to the Nigerian context, ensuring they address the unique needs of local SMEs.

According to Mr. Emmanuel Atama, the executive secretary/CEO of the National Cooperative Financing Agency of Nigeria, as of April 2023, the country has more than 30 million members in cooperative societies across its 36 states and the FCT.

Just five days ago, the Central Bank of Nigeria (CBN), announced that it has successfully cleared all valid foreign exchange backlogs, effectively eliminating a legacy burden.

This accomplishment fulfills a commitment made by Mr. Olayemi Cardoso, who vowed to address an inherited backlog of $7bn in claims.

The announcement was made by the bank’s Acting Director of Corporate Communications, Mrs Sidi Ali, in a statement made available to journalists at the CBN monthly report.

However, in a twist of event, the duo of the Foreign Airline Operator, and the Organized Private Sector of Nigeria challenged the federal government to provide evidence of payment for the said foreign exchange clearance.

The Foreign operators in Nigeria have challenged the announcement by the Central Bank of Nigeria that it has cleared all valid foreign exchange backlogs.

According to Kingsley Nwokeoma, the president of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), the operators challenged the federal government to provide evidence of payment.

In his words; “If they’ve paid, they should let us know how much has been paid. Where is the evidence of payment? They should show us evidence of payments and we will thank them because payment is what we want. The backlog of trapped funds made foreign airlines stop releasing low inventory tickets,” Nwokeoma said in a chat with one of the Nigeria Newspaper.

Nwokeoma added that although foreign airlines have been told to get their funds from the banks using the rate of the I & E window, they refused because the current I & E window rate differed from what they used in selling tickets.

Meanwhile, some businesses under the aegis of the Organised Private Sector of Nigeria are also considering taking legal action against some commercial banks for not honoring forex requests that have lingered over an extended period.

The OPSN also called for a comprehensive audit of the Central Bank of Nigeria’s forex backlog payments. This follows a recent claim by the apex bank that all valid forex backlogs have been cleared.

Accordingly, members of the OPS insisted that the claim by the apex bank that it had settled all forex backlogs was not entirely true. Some of the member associations, speaking in separate interviews, faulted the process through which the CBN conducted the settlement of the backlogs. They argued that the process was not transparent, nor was it carried out in the interest of full disclosure.

The threat of litigation comes despite a recent stakeholder meeting comprising NACCIMA, MAN, the affected banks, and customers which was convened by the Minister of Industry Trade and Investment at the Bank of Industry in Lagos on March 21, 202

Recall that the Central Bank of Nigeria derived its mandate from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999 and 2007.

Its mandate also includes but is not limited to ensuring monetary and price stability, issuing legal tender currency in Nigeria, and maintaining external reserves to safeguard the international value of the legal tender currency.

Others are; promoting a sound financial system in Nigeria; acting as a Banker and providing economic and financial advice to the Federal Government among others.

The apex bank in recent times has made some bold moves that tumbled across both the official and unofficial markets amidst an increased forex demand and a significant spike in the prices of goods and services across the country.

A close and keen observation revealed that the local frequency traded at N1500, and N1,665.50/$1 respectively.

Similarly, amidst speculations and uncertainties about supply constraints in the forex markets, the naira extended its depreciation run at the parallel creating apprehension across the different sectors of the economy. At the segment, the currency traded at a record low of N1,700 and above the mark amid increased demand and market uncertainties.

However, this disturbing trend prompted the Nigerian government to undertake some major measures and reforms in an effort to safeguard the country’s foreign exchange market and combat speculative activities.

The multidimensional steps and subsequent moves of the Central Bank began to show appreciable results, just last week Thursday, the naira maintained a steady appreciation against the United States dollar on Thursday, gaining N18 to close at 1,382/$ at the official market.

This was as the presidency warned currency speculators to desist from unpatriotic acts against the national currency, saying racketeers would have their fingers burnt.

The naira gain came a day after the local currency recorded major gains at both the official and parallel foreign exchange markets. It closed at the black market at N1,400/dollar.

The summary of the FX trading auction revealed that the naira appreciated by 1.3 percent following increased dollar supply at the Nigerian Autonomous Foreign Exchange Market, according to data from the FMDQ Securities Exchange Limited.

However, when our correspondent reached out to Sidi-Ali Hakama, the acting director, corporate communications,   of the Central Bank of Nigeria (CBN) for clarification, she did not pick her calls.

Dele Oye, the national president of NACCIMA, has in a statement, expressed concerns over the potential ramifications of the policy change, especially against the backdrop of the Naira’s current depreciation and the inconsistencies observed in customs duty payment.

According to him,

“We acknowledge the Central Bank of Nigeria’s efforts to refine trade policies in alignment with the evolving economic landscape.

“The decision to lift restrictions on dairy importation by all entities, barring selected companies, suggests a strategic move towards liberalizing the sector, which is commendable from a free-market perspective.

“However, as a professional body deeply invested in the growth and stability of Nigeria’s economy, we must express our concerns regarding the potential ramifications of this policy change, especially against the backdrop of the Naira’s current depreciation and the inconsistencies observed in customs duty payment.”

He stressed that “The depreciation of the Naira has already placed a significant burden on importers, with the increased cost of foreign exchange reflecting on the final prices of goods and services.

“The recent policy shift, while potentially increasing competition and broadening market access, could also exacerbate this burden, leading to higher retail prices for milk and dairy products, ultimately affecting the end consumers.

“In addition, inconsistent customs duty payments have been a significant challenge for businesses in Nigeria. This inconsistency not only hampers the ease of doing business but also creates an unpredictable trading environment.”

“A policy change of this magnitude requires a concomitant strengthening of customs regulations to ensure that all stakeholders are on a level playing field,” Oye added.

The NACCIMA boss further charged;

“We recommend a phased approach that would allow domestic producers to adjust to the new competitive landscape while preserving the value of the Naira.

“This approach should be coupled with a robust support system for local dairy farmers to boost domestic production, thereby reducing over-reliance on imports in the long term.

“Additionally, harmonizing customs duty payments to eliminate disparities and foster transparency will be critical to ensuring the success of this policy.”

He further stated, “While we recognize the merits of liberalizing the dairy importation process, we strongly advocate for measures that safeguard the stability of our national currency and promote fair trade practices.”

“We are keen to engage with the Central Bank of Nigeria and other stakeholders in crafting a sustainable path forward that benefits the Nigerian economy and its populace,” Oye reassured.

Kashifu Inuwa, the director general NITDA, represented by the Acting Director, Digital Economy Development Department (DED), Engr Salisu Kaka, stated this while delivering a goodwill message at the Maiden ‘Nigeria – Cote D’Ivoire Business Roundtable and Exhibition’ at the Margins of the 64th ECOWAS Summit in Abuja.

The Business Roundtable and Exhibition was a Public Private sector partnership co-hosted by the Nigerian Association of Chambers, Industry, Mines and Agriculture (NACCIMA), on behalf of the organised private sector and the federal government of Nigeria, coordinated by the Economic, Trade and Investment Department of the Federal Ministry of Foreign Affairs.

The aim of the event was to  propel a deeper private sector engagement as a remedy between the two West African countries. Nigeria hosted the maiden edition of the Roundtable and Exhibition on Saturday 9^th November 2023 while Cote D’ Ivoire will host the second edition at the margins of the African cup of Nation (AFCON) competition in Cote D’ Ivoire come January 2024.

According to DG NITDA, “For Africa and Nigeria in particular to leap frog and develop, our economy has  to leverage technology.”

Inuwa, while stating the opportunities in technology for economic growth said, “It is only technology that can give you the opportunity within the comfort of your zone to advertise, sell, and promote wherever you can think of. It can be a product, it can be a service or an idea”

He encouraged MSMEs, who are the drivers of the economy not only in Nigeria but globally to, embrace technology as that is the easiest way to increase their contribution to the nation’s Gross Domestic Product (GDP).

This, he said;

“Is captured in the 5-pillar Strategic Agenda of the Honourable Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani. They are in pillars; #2, which is Policy. As an effective policy provides regulatory clarity and necessary incentives for an environment where businesses and innovators are empowered to grow. Pillar #3, which is Infrastructure; as building stronger digital infrastructure is beyond connecting people but centres on economic empowerment and creating opportunities for inclusion. And pillar #4, which is the Innovation, Entrepreneurship and Capital; as it provides a roadmap for Nigeria to harness the potential of these 3 pillars as catalysts for the transformation of Nigeria’s digital economy. It is the driving force behind the creation of an environment that encourages innovation, supports entrepreneurship, and allures the required capital to deliver on our ambitions.” 

Speaking earlier during his welcome address, Ambassador Akinremi Bolaji, the Director, Economic, Trade and Investment Department of the Federal Ministry of Foreign Affairs, said, “the event would create a good platform for Nigeria to take assessment of her readiness, preparation, inter-Agency, and public private sector collaboration.”

Stating further, “our intention is to expand the presence of our private sector in Cote D’ Ivoire and the West African sub region.”

He said the event was conceived few weeks ago because of a meeting held in the Ministry of Foreign Affairs in November between Ambassador Bolaji and Kalilou Taore, the Ambassador of Cote D’ Ivoire, as a result of the observation of the challenges in deepening economic relations between the two countries despite the effort to deepen relations.

He mentioned that both countries do well politically but continues to nosedive in terms of trade.

Some organisations at the event were, the Nigeria Immigration Service (NIS); Nigeria Export Processing Zones Authority(NEPZA); National Action Committee of AFCFTA; and many more.

In an interview on Monday in Abuja, NACCIMA director-general Sola Obadimu said that while the new banknote policy was commendable, it would have put less pressure on the masses if it had been implemented differently.

“If I were the CBN Governor, all I would have done was introduce the N5,000 note,” he said. “That would have helped mop up the money in circulation without the kickbacks we are getting.”

According to the Director-General, the hardships that Nigerians are experiencing as a result of the new policy would have been eliminated or reduced to the bare minimum.

According to the Director-General, the entire process would have been more cost-effective because “fewer amounts of bills would have been printed because it is a higher denomination.”

Mr. Obadimu stated that, aside from the ongoing swap, the naira’s strength against foreign currencies is a major concern, and it is disheartening to note that the naira is weak against foreign currencies, particularly the dollar and euro.

“Another thing is that our highest denomination, which is N1,000, is only worth two dollars at the official rate, and it is not too good for our image.” “There are €50 and €100 notes, and how much is a €100 note in naira?” stated the NACCIMA boss.

He added, “A euro is almost N1,000.” So, €100 is about N100,000. That is just a bill, and ours is worth just $2, which is not good for our image.’’
On the move to switch fully to a cashless policy, the director-general said it was a laudable initiative because “that is where the world is heading.” Digital economy is the new world order.”

The NACCIMA President, on the other hand, expressed reservations about the level of preparedness, particularly regarding internet infrastructure.

According to him, Nigeria has a long way to go toward achieving a cashless economy because the country’s internet infrastructure is weak, and Nigeria needs to develop its internet infrastructure, particularly in rural areas, to ensure a smooth transition.

The CBN Governor, Godwin Emefiele, set January 31 as the deadline for the old N200, N500, and N1,000 banknotes to expire. The deadline has been pushed back until February 10th.

According to the organisers, Fate Foundation, the award was initiated 2001 to celebrate entrepreneurs who are significantly contributing to the nation’s socio-economic growth and development.

Some of the past awardees include Ibukun Awosika, Aliko Dangote, Cosmas Maduka, Nike Ogunlesi, Frank Nneji, Stella Okoli and host of others.

Ichie Orazulike who is a Non-Executive Director of Ecobank Nigeria, is the founder and Group Managing Director of Genesis Group, a proudly Nigerian conglomerate with interests in Restaurants, Cinemas, Hotels, food production and Oil and Gas services and production.

At the presentation of the award in Lagos on Thursday, the organisers stated that the selection of Ichie Orazulike which received unanimous approval of its Board was based on merit, stating that he met with the nomination criteria which includes “entrepreneurial leadership and sectoral impact; key values and ethical standards of the Entrepreneur/Founder, demonstration of social responsibility and impact including job creation, notable accomplishments and recorded business milestones.”

Further, Fate Foundation noted that Ichie Orazulike has over the years demonstrated high level of entrepreneurial skills and leadership in superintending over different and diverse businesses, stressing that “Your entrepreneurial journey with Genesis Group is truly admirable and we commend the significant impact you have made with Genesis to become a world-class institution in the hospitality and entertainment space, creating jobs and also significantly impacting the growth of other businesses and sectors.”

In his response, Ichie Orazulike thanked Fate Foundation for the recognition and  honour bestowed on him, stressing that he would continue to contribute to Nigeria’s socio-economic growth and development. Ichie Orazulike is a graduate of the University of Nigeria, with a Bachelor of Science in Accounting degree and an alumnus of Havard Business School Executive Training Programme.

He was awarded the prestigious Honorary Doctor of Science degree by the University of Port Harcourt in 2015.  In 2021, he won the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) 60-anniversary awards for his exemplary role in the entertainment and hospitality sector.

Ichie Orazulike was also honored this year with the conferment of the national honor of Officer of the Order of the Niger by His Excellency, President Muhammadu Buhari. He is a recipient of   many awards at national and state levels.