President, Bola Tinubu, has assured investors in the country’s telecoms sector of his administration’s commitment to eliminating obstacles hindering investment in the economy.

This assurance was disclosed this during a meeting with a delegation from MTN, led by the Group Chairman, Mcebisi Jonas, at the State House in Abuja.

During the meeting, the MTN Chief announced their plan to invest $3.5 billion in the Nigerian economy over the next few years.

Bottlenecks

President Tinubu emphasized the need to revolutionize the economy to ensure that the country’s huge population of youth can actively participate in its prosperity. He stated that removing barriers to investment is a crucial step in achieving this goal.

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  • “We have a responsibility to revolutionize the economy so that our youths can share in the prosperity of the nation, otherwise we are only waiting for the dreams to be charted.
  • “If you have any problems or impediments do let us know. We are ready to remove bottlenecks to investments in the economy,”.

 Technology service

Acknowledging the significant impact of technology on global developments, President Tinubu highlighted the importance of increased investment in digital technology to address challenges such as rural-urban migration and to enhance healthcare and education systems for disadvantaged populations.

  • “I am happy you are moving from Corporate Social Responsibility to being more incisive and inquisitive with technology so that we can see how we can partner structurally.
  • “You can do a lot for the economy by partnering with us. We believe no one can succeed alone.
  • “The structural adjustments we are making are to ensure we face the right direction and arrive at a destination that caters to our people.
  • “You and I will make sure that the people have a share of that prosperity. We will, together, build a well-informed society.
  • “We have to reassess the journey. I am glad that the stock market is responding positively to the structural adjustments,’ he said.

 Telecoms investments

Regarding the telecoms sector, the MTN Group chairman outlined the company’s plan to invest $3.5 billion in Nigeria over the next five years.

The vision is to become a pan-African company, by moving its investments from the Middle East to focus more on Africa, with Nigeria being at the forefront considering its accounts for its highest returns on investment.

  • “The message you have given us is that Nigeria is investible, and with your election, we are seeing decisive, prompt, and keen interest in structural reforms,’’ he added.

In case you missed it

In a related development earlier in the week, President Tinubu took measures to promote a favourable investment climate. The President ordered the suspension of the 5% excise duty on telecommunications and the Import Tax Adjustment levy on certain vehicles.

These actions were part of four executive orders signed by the President to address arbitrary taxation policies in the country. Additionally, the President postponed the implementation date of changes in the Finance Act, 2023, from May 23, 2023, to September 1, 2023.