Airtel to Invest USD 700 Million in Nigeria, Reveals Mittal: Report

Sunil Bharti Mittal, Chairman of Bharti Enterprises, held a meeting with Nigerian President Bola Tinubu at the Presidential Villa in Abuja on Monday, as reported by the local press. After the meeting, Mittal expressed his support for the government’s decision to float the Naira, stating that it will attract foreign investments to the country.

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Accompanied by Dr Segun Ogunsanya, Chief Executive Officer of Airtel Nigeria, Mittal commended the President for facilitating easier access to foreign exchange. He acknowledged that the previous lack of accessibility had hindered Airtel’s importation of critical equipment necessary for its operations in the country. According to Mittal, the global market has responded positively to the devaluation of the Naira, leading to increased investor interest in Nigeria.

Airtel’s investment plans and 5G rollout

Highlighting Airtel’s substantial investment of nearly USD 4 billion since entering Nigeria, Mittal revealed the company’s plans to roll out 5G services. He also announced an additional investment of USD 700 million over the next two years. Emphasizing the importance of Nigeria in Africa, Mittal stated that the country holds the potential to become an economic powerhouse. He emphasized that Nigeria’s involvement is crucial for the success of the African strategy.

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The local media reported Mittal as saying, “We’re already investing about USD 400 million 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, to roll out the 5G and more fibre into the ground and data centres will require more USD 700 million to get to that outcome.”