APM Terminals Nigeria has urged the government to expedite the implementation of the National Single Window, 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, Chief Financial Officer of APM Terminals Nigeria, Courage Obadagbonyi emphasized the need for improved coordination among stakeholders within the trade ecosystem.
He stated, “While stakeholders and agencies must fulfill 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 move forward with the long-discussed single window initiative.”
Obadagbonyi highlighted that volatility is a global issue, exacerbated by uniquely Nigerian challenges such as fiscal policy surrounding subsidies, foreign exchange management, and price regulations. “In today’s interconnected world, events in one region can have unforeseen impacts elsewhere,” he explained.
He referenced the ongoing ramifications of the Russia-Ukraine conflict, which has lasted over two years and has significantly affected global food supplies and inflation.
Obadagbonyi pointed out that such regulations stifle reinvestment in the country.
“Terminal operators also faced a similar situation when they were not allowed to adjust tariff for 12 years. 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,” 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 commented on the remarkable engagement witnessed at the summit.
