MTN Nigeria and other multinational business leaders have called on the Nigerian Federal Government to create a fair and competitive environment to allow businesses to sustain their investments.

They expressed concerns that, despite operating in challenging economic conditions, the government has not permitted them to increase prices in over a decade, a policy they believe must be reviewed to ensure their survival.

During a panel discussion at the 30th Nigerian Economic Summit in Abuja, MTN’s Chief Financial Officer, Modupe Kadri, highlighted that high inflation rates and fluctuating foreign exchange rates have severely impacted the telecommunications sector.

Kadri pointed out that, unlike the petroleum and electricity sectors, telecom operators have been denied permission to adjust their pricing for over ten years, even though they rely heavily on imported equipment.

Kadri stressed that this situation is not sustainable and that telecom companies, which contribute 16% to Nigeria’s GDP, are facing immense financial pressure.

He warned that if the government does not allow businesses to adjust prices in line with economic realities, the telecommunications industry could face a similar investment decline as the oil sector.

Kadri urged the government to establish a level playing field to ensure that businesses can thrive and investors have confidence in the sector.

Other business leaders, such as Oyeyimka Adeboye, CEO of Mondelez West Africa (Cadbury), echoed these concerns, noting that the cost of doing business has tripled in the past two years, primarily due to import dependencies.

Adeboye emphasized the need for improved local production capabilities and access to financing.

Courage Obadagbonyi, CFO of APM Terminals West Africa, stressed the importance of better collaboration among government regulators, while Nkechi Obi, Group Managing Director of Techno Oil Limited, highlighted the potential benefits of the Dangote refinery in stabilizing the prices of petroleum products.

These industry leaders emphasized that sound policies and a supportive regulatory environment are essential for sustaining business operations and driving economic growth in Nigeria.