Business leaders, including representatives from MTN Nigeria, emphasized the importance of a fair business environment in Nigeria. They highlighted challenges such as high inflation rates and foreign exchange fluctuations affecting the telecommunications industry. At a panel session during the Nigerian Economic Summit, concerns were raised about the lack of regulatory approval for price adjustments in the sector for over a decade. This has led to difficulties in sustaining investments and operating effectively.
The Chief Financial Officer of MTN stressed the need for a level playing field, similar to other industries like petroleum and electricity, which have seen tariff adjustments to reflect economic realities. The telecommunications industry plays a significant role in Nigeria’s GDP, contributing 16%, and requires fair pricing policies to ensure its sustainability.
Other business leaders echoed the sentiment, emphasizing the impact of import dependency, rising production costs, and the importance of local production and access to financing. They called for better coordination among government regulators and the implementation of favorable policies to support business growth.
In conclusion, the business community emphasized the critical need for a supportive regulatory environment, fair pricing mechanisms, and access to financing to ensure the survival and growth of businesses in Nigeria.