By Cross Udo, Abuja

President Bola Tinubu yesterday assured prospective investors in Nigeria that his administration will provide a better business climate for them to thrive.

Tinubu made the commitment to an audience with the Founder and Global Chairman of BHARTI AIRTEL, Mr Sunil Bharti Mittal, Africa Group Chief Executive, Mr Segun Ogunsanya, and their team at the Presidential Villa, Abuja.

While receiving the Airtel delegation, President Tinubu recalled his historic connection with the telecommunication company when it started as ECONET Wireless while he was governor of Lagos State, stating that he facilitated and supported the entry of the company into Nigeria to liberalise the telecommunication industry.

The Nigerian leader praised the growth of the company and welcomed the offer of partnership to further deepen economic growth and eradicate poverty among Nigerians.

He also commended the economic strength of India in Asia, noting how technology had helped the largest democracy in the world to pull millions out of extreme poverty.

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He said, “I have a connection with Airtel. We brought ECONET to Nigeria when I was governor of Lagos State. I was a main promoter then because we needed to liberalise the telecoms industry. The economy of Asia headed by India is very phenomenal because of reforms. We are ready to copy India.

“Digital economy is very crucial. We are not ashamed to copy any model that works. I congratulate Airtel for the growth of your business in Nigeria. We are looking forward to the growth and expansion of your 5G network in Nigeria. Airtel should continue to promote Nigeria.

“I assure you that your investment is very safe and will continue to grow. We are working to improve the business environment for all investors.”

In his presentation, the Global Chairman of Bharti Airtel, Mr Mitall, congratulated President Tinubu and offered him the goodwill of his company and that of his country, India, noting that besides being a businessman and investor in Nigeria he is a member of Business Advisory Council of Prime Minister Narendra Modi.

Mitall showered encomiums on President Tinubu for the key decisions he has taken within just three weeks in office, which have put Nigeria back on the global business reckoning.

“I came here to make a request, but I have to say thank you first. We are grateful for what you have done with the removal of fuel subsidies and fixing the foreign exchange. This will open a floodgate of foreign investments.  You have taken these bold steps. It is important to stand firm. Airtel is a robust telecom company and we are ready to serve Nigeria,” Mitall added.

The Special Adviser to the President on Monetary Policy, Mr Wale Edun, in his remarks, said President Tinubu had always recognised the transformational power of technology and telecommunication for economic growth since his time as governor of Lagos State.

On the challenge of vandalism of telecom infrastructure, the Ogunsanya pleaded with the President to prioritise it as a national security issue that should be addressed:

“It is in our interest to provide better service but we are always faced with the destruction of our infrastructure, especially our fibre optic cables. Telecom infrastructure should be taken as a critical national asset that must be protected.

“We believe in the digital transformation of Nigeria. I am committed to this country because I am a Nigerian and this market is the biggest under my portfolio. We can take millions of our people out of poverty with the digital transformation of our economy.”

Briefing State House correspondents, the mobile telecommunication company disclosed that it will invest about $700m additional investment in Nigeria, adding that it has so far invested $4bn since the company began operations in Nigeria.

Mittal, hailed the decision by Tinubu’s administration to float the naira, adding that the move will unleash foreign investments in the country.

The Airtel founder who was accompanied on the visit by Dr Segun Ogunsanya, Chief Executive Officer of Airtel Nigeria, expressed commitment to offer services in Nigeria, just as he lauded the president for making foreign exchange easier to access.

He said the lack of easy access to foreign exchange hitherto experienced by investors had hampered the company from importing critical equipment needed for its operation in the country.

According to him, the worldwide market has applauded the naira devaluation and investors are now ready to come into the country.

While noting that Airtel had made just under $4bn investment since coming into Nigeria, he disclosed the company’s plan to roll out its 5G services, even as he revealed that it would be making an additional investment of $700m in the next two years.

Mittal said, “This country has a tremendous future; with 220 million young and energetic people, and in the next 10 years, the country will be the 3rd largest in the world and with the current steps taken like the floating of naira and taking fuel subsidy out, as well as organising oil production in a better way, I think the future is going to be glorious for this country.

“We’re already investing about $400m a year, which has been going on for the last many years. That will of course continue. That is business as usual. On top of that, rolling out the 5G and more fibre into the ground and data centres will require more than $700m to get to that outcome.

“So, while there is no exact number I can give you, all I can tell you is $400m is what we generally invest every year. With 5G, the investment is only going to go up for the next two or three years, before it comes back to the same $350m, $450m a year. We have invested just under $4bn since the time we have come into Nigeria.”

While stating that Nigeria is key in Africa, he also noted the role of the country as an economic powerhouse in the continent, adding that without Nigeria, the African strategy will not work.

Mittal said he requested the meeting with the President to talk about Airtel and India, adding that he was touched by the speed and clarity of mind that the President has exhibited within a short time.