Naira devaluation hurting local entrepreneurs –Adetunji, Montage CEO

A money dealer counts the Nigerian naira on a machine in his office in the commercial capital of Lagos

By amechi ogbonna

Nigerian entrepreneurs whose businesses have foreign currency implications have continued to express concern over the recent devaluation of the naira by the Central Bank of Nigeria (CBN), saying it will further contrict their operations.

The latest of such complaints came from the Managing Director and Chief Executive of Montage  Cable Network, Mr Bamidele Adetunji, who insists that the policy was not business friendly as it has potentials to escalate cost of operations for many SMEs.

Speaking at a recent forum to unveil some of the new channels launched by his organisation at its Victoria Island Lagos head office, Adetunji noted that government’s devaluation of the local currency would affect Nigerian SMEs that source their raw materials and contents overseas where they are expected to pay in foreign currencies.

He therefore called on the Federal Government to come out with clear incentives to demonstrate its support for small and medium scale operators whom he said are better economic agents for job creation and income generation in frontier and emerging economies like Nigeria.

Commenting on what Montage Cable Network would offer to its Nigerian viewers, Adetunji said the objective of the organisation was to redefine movie and entertainment business in Nigeria by giving consumers what they want, stressing that the founders are committed to building an entity that will outlive them regardless of the challenges of the country’s harsh operating environment.

According to him, Montage values content more than  anything else hence its decision to grow the company organically thereby giving the consumers their monies worth.

The entertainment firm which first launched its operation in the country in April 2014, currently has 35 channels covering movie, sport, news and entertainment among others, although it’s target is to offer over 75 channels before it’s first anniversary this year. Part of its growth strategy include the signing of memorandum of understanding and partnership deals with leading content developers across the world to generate quality contents that will meet the needs of its Nigerian audience.

Source : SunOnline

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