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."
"So, while there is no exact number, I can give you, all I can tell you is USD 400 million 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 USD 350, USD 450 million a year. We have invested just under USD 4 billion since the time we have come into Nigeria," Mittal was quoted according to the reports.
Chairman Mittal praises President Tinubu's commitment
During the meeting, Mittal expressed his admiration for President Tinubu's commitment to poverty eradication and praised the President's decisive actions and clear thinking. The Airtel Chairman described the floating of the Naira as a commendable move and lauded the President for his dedication to uplifting the country's citizens.
Additionally, Chairman Mittal shared his plans to present recommendations for enhancing trade between African countries using local currencies at the upcoming G20 Summit in India.
Also Read: Airtel Nigeria Launches Commercial 5G Services
Airtel Nigeria launches commercial 5G services
In other news, Airtel Nigeria officially launched its commercial 5G services on June 19, marking a significant milestone in the telecom company's operations.
With these developments, Bharti Airtel is demonstrating its confidence in Nigeria's economic prospects and commitment to expanding its services to meet the growing needs of the country's telecommunications sector.
