The Chief Operating Officer, MTN Nigeria, Mazen Mroue, has advised investors interested in establishing businesses in Nigeria on the necessary steps to take in order to avoid pitfall in Africa’s largest economy. This comes after MTN experienced its share of the supposed “hostile” Nigerian business environment.
In his advice to foreign investors, Mroue said Nigeria has a revenue potential market and promising economy which investors need to take full advantage of, and with the youth population of more than 80 million and a total population of over 200 million and increase in purchasing power, Nigeria has the capacity to fulfill the goals of a company seeking growth.
Meanwhile, in order to tap into these resources and potentials, the COO said foreign investors need to familiarise themselves with the business terrain in Nigeria and ensure the following:
- collaboration with the regulators;
- transparency with the regulators; and
- discussion with the regulators, all of which helped MTN Nigeria to resolve the regulatory issues.
“For potential investors, based on our experience, they have to understand the local environment very well. They have to ensure that there is a clear and transparent process they are following. They have to be open and proactively engage various stakeholders and regulator with the challenges they are facing.
“For a country like Nigeria, we understand the dynamics and how the different challenging environment has been. However, we have been here for the last 18 years. We have continued to invest and being listed on the Stock Exchange is a commitment, not only for tomorrow or for the next year but for the future. So, that is a very positive message not only for the local players for international players.”
Recall that over the years, the telecoms company has faced a number of regulatory challenges which have seen sanctions and fines slammed on it. The company’s eventual listing on the Nigerian Stock Exchange was even out of compulsion, required as one of the ways to resolve the dispute with the Government.