MTN Nigeria and other multinational businesses have appealed to the Federal Government to create a more conducive business environment by providing a level playing field.
The companies expressed concerns about the challenges posed by high inflation rates and foreign exchange fluctuations, which have made it difficult for them to operate effectively in Nigeria.
Modupe Kadri, Chief Financial Officer of MTN, highlighted the impact of these challenges on the telecommunications industry. He noted that the sector has been unable to adjust tariffs for over a decade, despite rising costs associated with importing telecommunications equipment.
Kadri emphasized the need for regulatory approval to increase tariffs and ensure the sustainability of the industry. He warned that without a level playing field, businesses may struggle to survive and invest in the country.
Oyeyimka Adeboye, Chief Executive Officer of Mondelez West Africa, echoed these concerns, stating that the cost of doing business in Nigeria has tripled in the past two years. She emphasized the importance of minimizing imports and providing access to financing for local production.
Courage Obadagbonyi, Chief Financial Officer of APM Terminals West Africa, called for better coordination among government regulators. He noted that the lack of coordination has created confusion for businesses and hindered investment.
Nkechi Obi, Group Managing Director of Techno Oil Limited, expressed optimism about the potential stabilization of petroleum product prices with the establishment of Dangote refinery. She emphasized the importance of good policies for businesses to thrive.
The appeals from these multinational businesses highlight the challenges faced by the private sector in Nigeria and the need for government support to create a more favorable business environment.
