…says will attract foreign investors
Mr. Sunil Bharti Mittal, chairman of Bharti Airtel Worldwide, says the recent decision of the Nigerian government to float the naira will boost investor confidence in the country and encourage foreign direct investments (FDI).
Mr.Mittal spoke at State House Abuja, on Monday, following a meeting with Nigeria’s president, Bola Tinubu.
Addressing journalists after meeting, Mittal, who was accompanied by Dr Segun Ogunsanya ,Chief Executive Officer of Airtel Nigeria, commended the president for the decision, which he said has made foreign exhange easier to access.
He stated that difficulties in accessing foreign exchange had undermined the company’s drive to import critical equipment for network expansion in Nigeria.
According to him, the worldwide market has applauded Nigeria’s naira devaluation and investors are now ready to come into the country.
Mittal said Airtel had made just under $4 billion worth of investment since coming into Nigeria. He disclosed that going forward, the company would roll out its 5G services and make additional investments to the tune of $700 million in the next two years.
He added: “We’re already investing about $400 million a year, which has been going on for the last many years. That will of course continue. That is business as usual.
“On top of that, to roll out the 5G and more fiber into the ground and data centres, will require more $700 million to get to that outcome.
“So, while there is no exact number I can give you but all I can tell you is $400 million is what we generally invest every year.
“With 5G, the investment is only going to go up for the next two or three years, before it comes back to the same $350, $450 million a year. We have invested just under $4 billion since the time we have come into Nigeria.”
