At the heart of Nigeria’s economic challenges lies a complex panorama, punctuated by the changes and challenges of international trade. The Federal Government’s initiative to establish a national single window is attracting growing interest, particularly from APM Terminals Nigeria, a major player in the port sector.
At the 30th Nigerian Economic Summit in Abuja, Courage Obadagbonyi, the Chief Financial Officer of APM Terminals Nigeria, stressed the importance of this initiative to strengthen the competitiveness of Nigerian ports. He advocated for better coordination between stakeholders in the trade sector, highlighting the obstacles caused by the multiple controls to which goods are subject. According to him, the rapid implementation of this single window is essential to streamline trade and boost port efficiency.
Economic volatility, amplified by challenges such as tax policies, foreign exchange management and pricing regulations, has become a global issue. Courage Obadagbonyi highlights that events in one region can have unexpected repercussions elsewhere, as illustrated by the ongoing conflict between Russia and Ukraine, which is significantly impacting global food supplies and inflation.
To address these challenges, companies must develop robust risk management frameworks to better understand the interdependencies between local and international events, and design effective business continuity plans. Furthermore, Obadagbonyi cautions against over-regulation, which undermines operators’ ability to price competitively and reinvest in the country.
The panel also shed light on the business strategies needed to navigate the current economic environment. Industry leaders such as Oyeyimika Adeboye, CEO of Mondelez West Africa, and Nkechi Obi, MD of Techno Oil Limited, shared their perspectives on the issue.
In conclusion, this exchange highlighted the importance of a constructive dialogue between public and private actors to address current economic challenges and foster an environment conducive to investment and sustainable growth in Nigeria.