I’m Pro-business, Tinubu Tells Airtel Chairman
President Bola Tinubu said the telecoms sector’s regulatory framework and operations would be reviewed to reflect global best practices, with a greater focus on protecting infrastructure.
Tinubu spoke at a meeting with an Airtel delegation led by Mr Sunil Mittal, Chairman, at the State House. “I am pro-business, and I will continue to be that. I can give you that assurance.
“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. “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,” he said.
The President noted that the tax reforms would create a more favourable climate for investors. He said his administration would find a way to work with tax administrators to encourage growth and opportunities. Mr Bosun Tijani, the Minister of Communication, Innovation, and Digital Economy, thanked the President for consistently supporting the telecoms sector’s growth.
Tijani said the approval by the President for the protection of fibre optic and undersea cables would further stimulate growth in the industry, assuring that the Office of the National Security Adviser (NSA) had started implementing and enforcing the law.
Mittal commended the President for the two-pronged economic reforms that had transformed the economy for future growth. “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.
“I am, indeed, reminded of 1991, when India was in a similar situation, and we were practically on our knees, having pledged 500,000 tons of gold to the Bank of England, and our vessel in Tokyo had been put up for sale.
“During that time, the Prime Minister and his team took similar reforms to what you are taking now in Nigeria, and India has never seen better times after that,” he said.
He said 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 said.
Mittal said the reforms turned India into one of the largest economies in the world.
“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,” the Airtel Chairman told President Tinubu.
He also commended the removal of the petrol subsidy. “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.
“This will be a turning point, and I would like to commend you for having held a firm position and taken the country forward,” he added. Mittal said more Nigerians should be encouraged to invest in the country, particularly those with huge financial portfolios abroad.
“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. #I’m Pro-business, Tinubu Tells Airtel Chairman Naira Exchange Rates Switch Positions in FX Markets
