Floating naira will unleash foreign investments in Nigeria — Airtel boss

Chairman of Bharti Airtel Worldwide Mr Sunil Bharti Mittal, on Monday met with President Bola Tinubu at the Presidential Villa, Abuja.

Speaking to State House correspondents at the end of the meeting, Mittal said that the decision by Tinubu’s government to float the naira will now unleash foreign investments in the country.

The Airtel boss, who was accompanied by Dr Segun Ogunsanya, Chief Executive Officer of Airtel Nigeria, lauded the president, particularly for making foreign exchange easier to access.

He noted with regret that the lack of easy access to foreign exchange had prevented the company from importing critical equipment needed for its operation in the country.

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

While noting that Airtel had made just under $4 billion investment since coming into Nigeria, he affirmed that the company would roll out its 5G services and as well revealed that it would be making an additional investment of $700 million in the next two years.

Mittal stated: “We’re already investing about $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 $700 million to get to that outcome.

"So, while there is no exact number, I can give you, all I can tell you is $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 $350, $450 million a year.

“We have invested just under $4 billion since the time we have come into Nigeria.”

He said that Nigeria is very key in Africa, stressing that if there is any country to be an economic power house, it’s Nigeria.

He said without Nigeria, African strategy will not work.

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

“We have given a standing ovation to the floating of the dollar,” he said, adding that he saw a President that was deeply committed to removing poverty in the country.