'There is light' – Airtel CEO speaks on Tinubu’s govt economic policy, gives reasons

Since assuming office, the Chief Executive Officer of Airtel Africa, Segun Ogunsanya, has commended President Bola Tinubu's efforts to revive the Nigerian economy.

According to him, Tinubu's economic policy reforms, particularly the unification of the exchange rate, have eased planning and operations within Nigeria.

Ogunsanya explained that although the company still faces FX challenges, the policy has eased its business within the past seven months, Punch reports.

His words “We had massive issues with FX liquidity, we still have some issues with FX liquidity, but at least slightly more predictable than it was a couple of months ago.

“It makes it easier for us to do better planning. We’re not out of the woods yet, but we can see the light at the end of the tunnel; we can do better planning,” he told State House Correspondents at the Villa."

Legit.ng reported that Airtel Africa Plc recently said it lost a reported $471 million in 2023 due to the harmonisation of the foreign exchange rates in Nigeria.

Airtel Data centre

The CEO, who is set to retire in June 2024, also used the opportunity to unveil his company's plans for 2021.

According to him, Airtel is setting up one of Africa's largest data centres in Nigeria. Ogunsanya added that the mega data centre in Nigeria would serve other big businesses and some multinationals, mentioning that the land had been procured and the groundbreaking ceremony would be in a few weeks.

He said: "We're in the process of establishing a new data center, having acquired the land already. Groundbreaking will happen soon, and this facility is poised to become one of the largest data centers in Africa, situated in Nigeria.

"It will cater to major multinational and foreign companies, solidifying its position as one of the largest in the continent."