Weather Report
16.34℃
Friday, October 18
Kadri highlighted the challenges faced by the firm during a panel discussion at the 30th Nigerian Economic Summit held on Tuesday in Abuja, which was themed ‘Navigating Business Growth in a Volatile Environment.’ The CFO emphasized that the current economic conditions have led to increased tariffs in the petroleum and electricity sectors, questioning why similar adjustments have not been authorized for the telecommunications sector.
The business operators lament that the government has not allowed them to increase their prices in the last ten years, stating that such policy must be reviewed if they must stay in business.
Naija News reports that this remark was articulated by Modupe Kadri, the Chief Financial Officer of MTN, who pointed out that the prevailing high inflation rates and fluctuations in foreign exchange have hindered the telecommunications sector’s ability to function efficiently.
The exchange rate for a dollar to naira at LagosParallel Market (Black Market)players buy a dollar for N1695 and sell at N1705 on Wednesday 16th October 2024, according to sources atBureau De Change (BDC).
Kadri said, “For ten years now, telecommunication companies haven’t been permitted to increase prices, and this regulation is not providing us with a level playing field to operate..
Read Full Story
