President Bola Tinubu has reaffirmed his commitment to creating a business-friendly environment in Nigeria, emphasizing the need for strong investor confidence and regulatory reforms in the telecommunications sector.
Speaking on Thursday in Abuja during a meeting with an Airtel delegation led by Chairman Sunil Bharti Mittal, Tinubu said his administration would review telecom regulations to align with global best practices, ensuring better protection for industry infrastructure.
“I am grateful for your openness and confidence, which brought us closer to the Prime Minister of India. When he visited, we had extensive discussions,” Tinubu said.
The President stressed the importance of learning from successful economies, including India, to drive growth in Nigeria.
“The entire ecosystem will be further examined, and if there is anything we can copy from India, we are ready to do so. We are prepared to learn. We are not ashamed of copying what is working in other climes.
“It is for the good of all of us, and Nigeria is so critically important that we must give attention to those revolutionary intentions that can make business work. I am pro-business, and I will continue to be that. I can give you that assurance,” he said.
He also highlighted tax reforms as part of his broader strategy to create a favorable climate for investors.
“We will work with tax administrators to encourage growth and new opportunities. We are ready to make the necessary changes,” he assured.
What to know
Minister of Communication, Innovation, and Digital Economy Bosun Tijani lauded Tinubu for his continuous support of the telecom industry. He noted that the President’s approval to designate fibre optic cables and undersea cables as critical national assets would further stimulate growth.
- The Office of the National Security Adviser (NSA) has already begun implementing the policy to ensure protection.
- Airtel Chairman Sunil Bharti Mittal commended Tinubu’s bold economic decisions, comparing Nigeria’s current transformation to India’s reforms in 1991, which set the stage for its economic rise.
“When you took office, I wasn’t sure how deep and far you could go with your commitments, given the challenges. But you have delivered on your promises,” Mittal said.
Reflecting on India’s economic turnaround, Mittal noted that currency devaluation, licensing reforms, and subsidy removals played a crucial role in the country’s resurgence.
“Floating the naira from N450 to around N1900 before stabilizing at N1400–N1500 is a remarkable achievement. The world has taken note of this bold step,” he added.
Mittal also praised the removal of the petrol subsidy, acknowledging it as a tough but necessary decision.
“It was unpopular, but you stood firm. Your leadership will be remembered for these transformative steps.”
Mittal urged Nigerians with financial assets abroad to reinvest in the country, emphasizing that investor confidence was steadily improving. He noted that as stability returns, investments are likely to follow quickly.
The meeting highlighted President Tinubu’s commitment to positioning Nigeria as a prime destination for investors, reinforcing optimism for economic growth.