APM Terminals Nigeria has said that the Federal Government’s National Single Window (NSW) was a crucial step towards enhancing the competitiveness of Nigerian ports.
The Chief Financial Officer of the company, Courage Obadagbonyi disclosed this at a panel session titled: “Navigating business growth in an era of volatility and uncertainty” at the 30th Nigerian Economic Summit in Abuja.
He emphasised the need for improved coordination among stakeholders within the trade ecosystem.
Obadagbonyi noted: “While stakeholders and agencies must fulfil their statutory roles, the current practice of inspecting cargo at multiple stages by various agencies leads to delays and hampers the competitiveness of our ports. We must therefore expedite the implementation of the single window initiative.”
Also, he highlighted that volatility was a global issue, exacerbated by challenges such as issues surrounding fiscal policies, foreign exchange management, and price regulations.
“In today’s interconnected world, he explained that the events in one region could have unforeseen impacts elsewhere.
Obadagbonyi referenced the ongoing ramifications of the Russia-Ukraine conflict, which has lasted over two years and has significantly affected global food supplies and inflation.
He stressed: “Companies must develop robust risk management frameworks to better understand the interdependencies of local and international events and create effective business continuity plans.”
Also, Obadagbonyi advised against overregulation, stating that it hinders operators’ ability to price their services competitively.
Obadagbonyi, who who cited comments from the CFO of MTN Nigeria, Modupe Kadiri noted that the telecommunications company had not been permitted to adjust tariffs in a decade, stressing that such regulations stifle reinvestment in the country.
He said: “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.”
