APM Terminals Nigeria, the busiest container seaport in Nigeria, has pledged to support the implementation of the Federal Government’s National Single Window initiative.
The terminal operator sees the initiative as a crucial step towards enhancing the competitiveness of Nigerian ports.
During a recent panel session titled ‘Navigating Business Growth in an Era of Volatility and Uncertainty,’ at the 30th Nigerian Economic Summit in Abuja, Courage Obadagbonyi, chief financial officer of APM Terminals Nigeria, said Nigeria must expedite the implementation of the single window initiative to improve coordination among stakeholders within the trade ecosystem.
“The current practice of various agencies inspecting cargo at multiple stages leads to delays and hampers the competitiveness of our ports,” he said.
Obadagbonyi highlighted that volatility is a global issue, exacerbated by issues surrounding fiscal policies, foreign exchange management, and price regulations.
“In today’s interconnected world, events in one region can have unforeseen impacts elsewhere,” he explained.
He cited an example of the ongoing ramifications of the Russia-Ukraine conflict, which has lasted over two years and has significantly affected global food supplies and inflation.
“Companies must develop robust risk management frameworks to understand the interdependencies of local and international events and create effective business continuity plans,” he added.
He also cautioned against overregulation, which he argued hinders operators’ ability to price their services competitively.
Citing comments from Modupe Kadiri, CFO of MTN Nigeria, who noted that the telecommunications company has not been permitted to adjust tariffs in a decade, Obadagbonyi pointed out that such regulations stifle reinvestment in the country.
Read also: APM Terminals expands barge capacity, dedicates lanes for non-oil exports
“Barriers of this nature are factored into the cost of capital for Nigerian projects, making it challenging for global investors, who have limited resources to fully capitalise on the investment opportunities in our market,” he said.
The panel discussion also featured insights from notable industry leaders, including Oyeyimika Adeboye, CEO of Mondelez West Africa, and Nkechi Obi, GMD/CEO of Techno Oil Limited. They focused on business strategies that can navigate the challenges posed by the current economic climate.
In a separate interview following a session on fiscal reforms, which included participation from the Minister of Finance and representatives from the World Bank, Obadagbonyi talked about the remarkable engagement witnessed at the summit.
“Having policymakers of such high calibre in attendance lends credibility to our conversations and offers hope that the suggestions can lead to meaningful change.
“It is essential that we balance the necessary fiscal frameworks with initiatives to ensure food security, as both are critical for sustainable growth in the short and long term,” he said.
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