In a meeting with Airtel Chairman Sunil Bharti Mittal at the State House in Abuja, President Bola Tinubu emphasized his administration’s dedication to creating a conducive environment for business growth, particularly in the telecom sector. The President stated that Nigeria’s regulatory framework for telecommunications would be revised to align with global best practices, with a strong focus on safeguarding infrastructure.
During the meeting, President Tinubu expressed appreciation for the confidence and readiness demonstrated by Mittal and his delegation. He highlighted the fruitful discussions held during the recent visit of India’s Prime Minister and reaffirmed Nigeria’s openness to learn from successful global models. “I am grateful for your openness, readiness, and confidence, which moved us very close to the Prime Minister of India. When he was here, we discussed things at length,” said the President.
He further assured that Nigeria is prepared to adopt policies that have proven successful elsewhere, particularly if they contribute to economic growth. “The entire ecosystem will be further examined, and if there is anything we can copy from India, we are ready to do so. We are prepared to learn. We are not ashamed of copying what is working in other climes,” he said, emphasizing the critical need to adopt revolutionary strategies that benefit the nation. Tinubu added, “It is for the good of all of us, and Nigeria is so critically important that we must give attention to those revolutionary intentions that can make business work. I am pro-business, and I will continue to be that. I can give you that assurance.”
The President also spoke on the importance of ongoing tax reforms in fostering a more investor-friendly climate, pledging to work with tax administrators to encourage growth and create opportunities.
Bosun Tijani, Nigeria’s Minister of Communication, Innovation, and Digital Economy, thanked President Tinubu for his continued support of the telecom industry. Tijani specifically highlighted the President’s recent approval to classify fiber optic and undersea cables as critical national assets, a move expected to enhance the sector’s growth. He confirmed that the National Security Adviser’s office has already started enforcing this protection.
Mittal commended the President for the impactful economic reforms he has undertaken, drawing parallels between Nigeria’s current transformation and India’s economic resurgence in the early 1990s. Reflecting on India’s struggles at the time, Mittal noted, “When you took office, you made some promises. Given the country’s situation, I was unsure how deep and far you could take your commitments.” He compared the reforms in Nigeria to those that had propelled India into one of the largest economies in the world, saying, “The duties went down, the rupee was floated, and it depreciated significantly. Relicensing happened, and it was the dawn of a new world in India. We just moved forward.”
He praised Tinubu for his resilience and decisive actions, such as floating the naira and removing the petrol subsidy, both of which had significant economic impacts. “I feel that what you have done here is unprecedented in a challenging time. Only people of resolve and steel can endure this huge pressure, floating the naira, which moved from N450 to about N1900 and is now coming back to N1400 to N1500. It has been a remarkable achievement celebrated by the entire world. This was much required, and you delivered on your promises,” he said.
Acknowledging the tough decision to remove the petrol subsidy, Mittal added, “The second one was the removal of subsidy, which was a very tough decision for any politician. It was unpopular and difficult, but you held your position, knowing fully that not doing it would not help the country. You have taken a long-term position. It is my belief and hope that you have created a legacy for yourself. Your first term as President will mark a watershed in the development of your country.”
He concluded by urging more Nigerians, especially those with substantial financial portfolios abroad, to invest back into the country. He noted that many local businesspeople are now feeling more optimistic and ready to invest, echoing his experiences in India. “I have been speaking to people in Nigeria, friends and business people, and they are all now feeling calm, and when they start to get back, they will move very fast. I have experienced this in India,” he stated.
The exchange highlighted President Tinubu’s commitment to supporting policies that ensure long-term economic growth and sustainability, positioning Nigeria as an attractive destination for investment.
