1 month ago
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APM Terminals Nigeria has declared its support for the National Single Window initiative of the Federal Government.
The terminal operator described the initiative as a crucial step towards enhancing the competitiveness of Nigerian ports.
According to a statement on Thursday, the Chief Financial Officer of APM Terminals Nigeria, Courage Obadagbonyi, disclosed this during a recent 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.
According to Obadagbonyi, while stakeholders and agencies must fulfil their statutory roles, the current practice of various agencies inspecting cargo at multiple stages leads to delays and hampers the competitiveness of our ports.
“We must, therefore, expedite the implementation of the single window initiative,” he said.
He highlighted that volatility was a global issue, exacerbated by issues surrounding fiscal policies, foreign exchange management, and price regulations.
He revealed the ongoing ramifications of the Russia-Ukraine conflict, which had lasted over two years and had significantly affected global food supplies and inflation.
“Companies must develop robust risk management frameworks to better understand the interdependencies of local and international events and create effective business continuity plans,” the APM Terminals CFO added.
Obadagbonyi also cautioned against over-regulation, which he argued hinders operators’ ability to price their services competitively and stifles reinvestment in the country.
“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.
