We Have Invested Over $4 Billion In Nigeria – Airtel

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Sunil Mittal, Chairman, Bharti Airtel, on Monday, said it has so far invested $4 billion into the Nigerian economy since the company began operations in the country.

Mr Mittal disclosed this while speaking to State House Correspondents after he met with President Bola Tinubu on Monday.

“We are already investing about $400 million a year in Nigeria, which has been going on for the last many years, and that will continue. That is business as usual. We have invested just under $4 billion since the time we came into Nigeria,” he said.

He further disclosed that the company is willing to invest 700 million dollars in the country in the next two years as it rolls out the 5G network.

“To roll and experience the 5G and more fibre into the ground and data centres will require $700 more million in order to achieve that, so, $400 million is what we generally invest every year, but with 5G the investment is only going to go up for the next two or three years before it comes back to what it used to be,” Mr Mittal added.

The telecom mogul said he sees a lot of investment opportunities in Nigeria and with the steps so far taken by the Tinubu administration, adding that a better future awaits the country.

Mr Tinubu’s recent reform of the nation’s foreign exchange regime drew widespread commendation among global financial institutions, investors and experts, in addition to his removal of fuel subsidy. Mr Mittal noted that the reforms would attract investment and drive economic growth, adding that the Tinubu administration has shown commitment to removing Nigerians from poverty and leveraging Nigeria’s potential to build digital infrastructure for the benefit of its citizens.

“I can tell you, this country has tremendous future; with 220 million young and energetic people and in the next ten years, the country will be the 3rd largest in the world with the current steps taken like the floating of naira and taking fuel subsidy out, as well as organising oil production in a better way, I think the future is going to be glorious for this country,” he said.

The Airtel boss was accompanied to the villa by other senior officials of the company, including the Chief Executive Officer of Airtel Africa Limited, Segun Ogunsanya.