Airtel Boss Hails FG for Floating Naira 

* Says move’ll attract foreign investments in Nigeria 

Deji Elumoye in Abuja 

The Chairman of Bharti Airtel Worldwide, Mr. Sunil Bharti Mittal, has said that the recent decision by the federal government to float the naira will now attract foreign investments in the country. 

Speaking with newsmen Monday after meeting with President Bola Tinubu at the State House, Abuja, the Airtel boss, who was accompanied by the Chief Executive Officer of Airtel Nigeria, Dr. Segun Ogunsanya, praised the president for particularly making foreign exhange easier to access.

Mittal stressed that lack of easy access to foreign exchange had prevented the company from importing critical equipment needed for its operation in the country. 

According to him, the worldwide market has applauded naira devaluation and investors are now ready to come into the country. 

While noting that Airtel had made just under $4 billion investment since coming into Nigeria, he revealed that the company would roll out its 5G services, adding that it would be making additional investment of $700 million in the next two years. 

He said: “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.”

Details later…