•Says it will be in line with global best practices
•Tells Airtel chairman he’s pro-business, Nigeria needs investors like him to grow
•FG justifies 50% hike in telecom tarrif
•Declares steps taken to sustain economy, save jobs
•Nigeria central to Airtel’s African operations, Mittal asserts
Deji Elumoye in Abuja
President Bola Tinubu has assured Nigerians that thetelecoms sector’s regulatory framework and operations would be reviewed to reflect global best practices, with greater focus on protecting infrastructure.
The president, who spoke at a meeting with an Airtel delegation led by their Chairman, Sunil Bharti Mittal, at the State House, yesterday, said: “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.
“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.
“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,” he said.
President Tinubu noted that the tax reforms would create a more favourable climate for investors, saying, “We will find a way to work with tax administrators to ensure that whatever we have to do, we will encourage growth and opportunities. We are ready to do that.”
Earlier, the Minister of Communication, Innovation, and Digital Economy, Bosun Tijani, 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 as critical national assets would further stimulate growth in the industry, assuring them that the Office of the National Security Adviser (NSA) has started implementing and enforcing the law.
Chairman of Airtel 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.
“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, commending also, the removal of the petrol subsidy.
According to him, “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.
Also, the federal government has risen stoutly in defence of its decision to approve a 50% tariff increase for telecommunications services, saying failure to do so could lead to job losses and the collapse of some companies in the sector.
Tijani, who spoke with newsmen after the President’s meeting with the Airtel Chairman at the State House declared that, “If we choose not to allow the increase in tariff, we would be at the risk of losing jobs, as some of these companies could pack up, and when you weigh that, it’s also not the best thing for the economy.”
He explained that the government had carefully considered the decision, given the critical role the telecom sector plays in the country’s economy, noting that the sector, including its entire value chain, employed nearly half a million Nigerians, making it a significant contributor to national development.
He said the tariff increase request had been pending before the current administration took office, but President Tinubu had insisted on a thorough evaluation before approving any adjustments.
“This is a government that is extremely conscious of the state of the economy, and Mr. President consistently takes into consideration each and every citizen before making decisions. Some of these decisions are difficult, but we have to balance the interests of individuals and businesses alike,” he said.
