Tinubu pledges pro-business reforms, stronger telecom infrastructure to attract investment
…As Airtel plans $500m investment
By Seun Ibiyemi
In a bid to strengthen Nigeria’s telecommunications sector and attract foreign investment, President Bola Tinubu has announced plans to overhaul the regulatory framework, aligning it with global best practices.
The proposed reforms will focus on protecting critical telecom infrastructure, fostering a business-friendly environment, and stimulating economic growth.
Speaking in Abuja on Thursday during a meeting with Airtel Chairman, Sunil Bharti Mittal, and his delegation at the State House, President Tinubu reaffirmed his administration’s commitment to building a robust and competitive telecommunications industry.
He stressed Nigeria’s readiness to adopt successful global models, particularly from India, to drive economic transformation.
“I appreciate your openness and confidence, which facilitated our discussions with the Prime Minister of India. When he visited, we had extensive talks,” Tinubu stated.
“We will examine the entire telecom ecosystem, and if there are lessons to learn from India’s success, we are prepared to adopt them. We are not ashamed to embrace strategies that work in other economies.”
President Tinubu emphasised that a transparent regulatory framework is essential to encourage innovation, protect investments, and ensure seamless operations within the sector.
He also highlighted plans to introduce investment-friendly tax policies to encourage economic expansion.
“We will engage with tax administrators to ensure that our policies drive growth and create opportunities. Nigeria must become a more attractive destination for investors,” he assured the delegation.
The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, echoed the President’s commitment, thanking him for his continued support of the telecommunications sector.
He noted that the administration’s recent decision to classify fibre optic and undersea cables as critical national assets would facilitate industry expansion and improved digital connectivity.
He further revealed that the Office of the National Security Adviser (NSA) has begun implementing measures to protect telecom infrastructure.
In response, Airtel Chairman, Sunil Bharti Mittal, commended President Tinubu for introducing bold economic reforms, describing them as foundational steps towards long-term national growth.
Drawing comparisons between Nigeria’s current economic challenges and India’s reforms in the early 1990s, Mittal highlighted how similar policy shifts had transformed India into one of the world’s largest economies.
“When you took office, you made ambitious promises. Given the economic situation, I was unsure how far these commitments could go,” Mittal admitted.
“However, I am reminded of 1991, when India faced a severe economic crisis. We pledged 500,000 tons of gold to the Bank of England, and even one of our vessels in Tokyo was put up for sale. But through bold economic reforms—floating the rupee, lowering tariffs, and opening up markets—India experienced an extraordinary turnaround.”
Mittal praised Tinubu’s decision to float the naira, noting that while the initial devaluation caused fluctuations, the currency is now stabilising.
“You took the bold step of floating the naira. It initially moved from ¦ 450 to about ¦ 1900, but it is now recovering to between ¦ 1400 and ¦ 1500. This is an impressive achievement recognised globally,” he stated.
The Airtel Chairman also acknowledged Tinubu’s decision to remove fuel subsidies, describing it as an unpopular yet necessary step for long-term economic stability.
“Eliminating fuel subsidies was a tough but essential decision. It takes a leader with vision to make such a move, knowing it would be initially unpopular,” Mittal remarked.
“This and other reforms have laid the groundwork for a more sustainable and self-reliant economy. You are shaping a legacy, and your first term as President will be remembered as a turning point in Nigeria’s economic trajectory.”
Mittal urged Nigerian investors, particularly those with assets abroad, to reinvest in the local economy, citing a renewed sense of stability and confidence.
“I have been in discussions with business leaders in Nigeria, and many are starting to feel reassured. Once confidence is fully restored, investment flows will increase significantly,” he concluded.
With Tinubu’s administration prioritising regulatory reform, investment protection, and a predictable business climate, Nigeria is positioning itself as a top destination for telecom and technology investments.
His pro-business approach and structural economic adjustments are expected to boost the telecommunications industry, unlocking new opportunities for both local and international investors.