Economy
World Bank Tasks Nigeria, Others to Boost Logistics for Economic Growth
By Adedapo Adesanya
Nigeria has been tasked to boost its logistics industry as part of measures to boost its economic growth.
This was made by the World Bank in its 2023 Logistics Performance Index (LPI) report, which showed countries’ ability to move goods across borders with speed and reliability.
In Nigeria’s case, the country has a score of 2.6, which is slightly above the mid-point.
In the report, the World Bank urged developing economies to boost their economic growth through improvements in logistics for goods transportation.
The LPI report came after three years of unprecedented supply chain disruptions during the COVID-19 pandemic when delivery times soared.
The LPI, which covers 139 countries, measures the ease of establishing reliable supply chain connections and the structural factors that make it possible.
“This includes the quality of logistics services, trade- and transport-related infrastructure, and border controls,” the report said.
According to Ms Mona Haddad, Global Director for Trade, Investment, and Competitiveness at World Bank, “Logistics are the lifeblood of international trade.
“Also, trade, in turn, is a powerful force for economic growth and poverty reduction”, the World Bank official said.
Ms Haddad also said the Logistics Performance Index helped developing countries identify where improvements can be made to boost competitiveness.
It was reported that, at an average, across all potential trade routes, 44 days elapse from the time a container enters the port of the exporting country until it leaves the destination port, with a standard deviation of 10.5 days.
“That span represents 60 per cent of the time it takes to trade goods internationally,” Ms Haddad said.
According to LPI 2023, end-to-end supply chain digitalisation, especially in emerging economies, is allowing countries to shorten port delays by up to 70 per cent compared to those in developed countries.
“Moreover, demand for green logistics is rising, with 75 per cent of shippers looking for environmentally friendly options when exporting to high-income countries,” Ms Haddad.
According to Ms Christina Wiederer, co-author of the report as saying, “While most time is spent in shipping, the biggest delays occur at seaports, airports, and multimodal facilities.”
Ms Wiederer, who is also the Senior Economist at World Bank Group’s Macroeconomics, Trade & Investment Global Practice Policies, said targeting these facilities could help improve reliability.
“Such policies include improving clearance processes and investing in infrastructure, adopting digital technologies, and incentivizing environmentally sustainable logistics by shifting to less carbon-intensive freight modes and more energy-efficient warehousing”, she said.
The report revealed that in the 2023 LPI, the top 12 scorers were high-income economies.
“Singapore, with a score of 4.3, is at the top, a position it also held in 2007 and 2012.
“Of the top 12 scorers, eight are in Europe (Finland, scoring 4.2; Denmark, the Netherlands, and Switzerland, scoring 4.1; and Austria, Belgium, Germany, and Sweden, scoring 4.0).
“They are joined by Hong Kong SAR, China; the United Arab Emirates; and Canada”, it said.
The report said most of these economies have for years been dominant players across international supply chain networks.
It said the bottom 10 scorers were mostly low- and lower-middle-income countries and are located on several continents.
“They are either fragile economies affected by armed conflict, natural disasters, or political unrest or landlocked countries challenged by geography or economies of scale in connecting to global supply chains”, it said.
It said Afghanistan and Libya have the lowest score at (1.9), followed by Somalia at (2.0), Angola, Cameroon, and Haiti at (2.1).
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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