The Chief Financial Officer of APM Terminals Nigeria, Courage Obadagbonyi, made the call during a recent panel session titled “Navigating Business Growth in an Era of Volatility and Uncertainty” at the 30th Nigerian Economic Summit in Abuja.
Obadagbonyi stated that the current practice of inspecting cargo at multiple stages by various agencies leads to delays and undermines the competitiveness of the nation’s ports.
He emphasised the need for improved coordination among stakeholders within the trade ecosystem.
He further highlighted that volatility is a global issue, worsened by challenges such as fiscal policy issues, foreign exchange management, and price regulations.
“In today’s interconnected world, events in one region can have unforeseen impacts elsewhere,” he explained.
Obadagbonyi referenced the ongoing ramifications of the Russia-Ukraine conflict, which has lasted over two years and significantly affected global food supplies and inflation.
He noted that companies must develop robust risk management frameworks to better understand the interdependencies of local and international events and create effective business continuity plans.
Obadagbonyi also cautioned against over-regulation, arguing that it hinders operators’ ability to price their services competitively.
“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.
