APM Terminals Nigeria has voiced its support for the Federal Government’s National Single Window initiative, viewing it as a vital measure for 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, stressed the importance of improved coordination among stakeholders in the trade ecosystem. He noted that the current practice of inspecting cargo at multiple stages by various agencies leads to delays, which hamper the competitiveness of Nigerian ports. Obadagbonyi stated, “While stakeholders and agencies must fulfill their statutory roles, we must expedite the implementation of the single window initiative.”
He addressed the broader issue of global volatility, exacerbated by challenges such as fiscal policies, foreign exchange management, and price regulations. “In today’s interconnected world, events in one region can have unforeseen impacts elsewhere,” he explained, referencing the ongoing consequences of the Russia-Ukraine conflict that has lasted over two years, significantly affecting global food supplies and inflation.
Obadagbonyi emphasized the need for companies to develop robust risk management frameworks to understand the interdependencies of local and international events better and to create effective business continuity plans.
He also raised concerns about overregulation, which he believes limits operators’ ability to price their services competitively. He cited comments from Modupe Kadiri, CFO of MTN Nigeria, who remarked that the telecommunications company has not been allowed to adjust tariffs in a decade. Obadagbonyi pointed out that such regulations stifle reinvestment in the country, stating, “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 capitalize on the investment opportunities in our market.”
APM Terminals Nigeria’s advocacy for the National Single Window initiative reflects a broader commitment to fostering an efficient and competitive trade environment in Nigeria.