Abuja, June 19, 2023: The Chairman of Bharti Airtel Worldwide, Mr Sunil Mittal, says President Bola Tinubu’s new foreign exchange policy will attract more foreign direct investments into the country.
Mittal stated this after a meeting with Tinubu on Monday at the Presidential Villa, Abuja.
He said that with the floating of the Naira, one obstruction to foreign investments had been tackled in the country by the government.
The International Monetary Fund (IMF) had, on Friday, declared support for the move by the Tinubu-led administration to unify the country’s exchange rate.
The Central Bank of Nigeria (CBN) had recently introduced a floating exchange rate system in the foreign exchange market by giving traders at the import and export (I&E) window the freedom in the exchange rate determination.
With the development, buyers and sellers of foreign currency in the official FX market are now allowed to quote rates they find comfortable in the FX market.
Mittal said that the forex policy would give foreign and local investors more confidence that an enabling environment had been opened, adding that the economy had also moved into global reckoning.
“I came into Nigeria in 2010 when some others were leaving because of the confidence I have that Nigeria is an emerging market in the continent.
“With this new policy, Airtel’s investment will be increased from the annual 400 million dollars to more than 700 million dollars in the next two to three years,” he said.
On the issues discussed with the president, Mittal said it centred on economic empowerment, job creation and poverty alleviation, adding that Nigeria shared some similarities with India in these regards.
“With technology, digitisation and connectivity, India was able to bring a large percentage of its citizens out of poverty. It created jobs for the youth in digital space.
“Our investments in Nigeria are not only for profit making, but we thrive in giving back to the community through our corporate social responsibility. We invest in businesses, health and other sectors of the economy,” he said.
Mittal said that Airtel would be joining the league of 5G connectivity with its launch in Lagos on Monday.
Meanwhile, the Chief Executive Officer (CEO) of Airtel Africa, Segun Ogunsanya, has said that the additional spectrum would support the company’s investments in network expansion for both mobile data and fixed wireless home broadband capability, including 5G rollout.
“The acquisition of 5G spectrum will underpin our growth strategy by enabling the launch of higher speed connectivity to enhance customer service and accelerate digitalisation for consumers, enterprises and the public sector,” Ogunsanya said in a statement.
According him, the key benefits of 5G will include: higher speeds, lower latency, significant network capacity as well as an improved user experience.
“The deployment of 5G will accelerate the availability and efficiency of fixed wireless access products across the country, contributing toward Airtel Nigeria’s progress in meeting the National Broadband Plan targets.
“Nigeria is a market with enormous potential for future growth in mobile services.
“Investment in new technologies and local infrastructure to enable this growth is a strategic priority for the group and will ensure we are able to provide reliable and affordable services to local communities across the country,” he said.
