MTN to Invest $3.5 Billion in Nigeria as President Tinubu Promises to Remove All Bottlenecks for Economic Growth

Ilesanmi AdekanbiJuly 8, 2023

2 minutes read

President Bola Ahmed Tinubu has pledged to create a conducive environment for investors and businesses in Nigeria, as part of his vision to transform the economy and uplift the living standards of the people, especially the youth.

The President made this commitment when he received a delegation from MTN, the leading telecommunications company in Africa, led by its Group Chairman, Mcebisi Jonas, at the Presidential Villa, Abuja.

In a statement released by his Special Adviser on Special Duties, Communication and Strategy, Mr Dele Alake, the President said his administration will continue to implement reforms that will enhance efficiency and attract investments in various sectors of the economy, such as manufacturing, services and technology.

He said the ongoing economic ‘‘revolution’’ will be deliberately designed to benefit the teeming youths in the country, who are the future of the nation.

“We have a responsibility to revolutionise the economy so that our youths can share in the prosperity of the nation, otherwise we are only waiting for the dreams to be charted,” the President told the delegation.

“If you have any problems or impediments do let us know. We are ready to remove bottlenecks to investments in the economy,’’ the President assured, while he acknowledged the sweeping changes across the world, largely driven by technology.

President Tinubu said investing in digital technology will help to curb the growing rural-urban migration and improve access to quality healthcare and education for the poor.

“I am happy you are moving from Corporate Social Responsibility to be more incisive and inquisitive with technology so that we can see how we can partner structurally,’’ the President stated.

“You can do a lot for the economy by partnering with us. We believe no one can succeed alone. The structural adjustments we are making are to ensure we face the right direction and arrive at a destination that caters for our people.

“You and I will make sure that the people have a share of that prosperity. We will, together, build a well-informed society. We have to re-assess the journey. I am glad that the stock market is responding positively to the structural adjustments,’’ he added.

The MTN Group Chairman said the company plans to invest $3.5 billion in Nigeria over the next five years, as part of its broader vision of becoming a pan-African company by shifting its investments from the Middle East and focusing more on Africa, especially Nigeria, where it gets the highest return on investment.

Jonas congratulated the President for attracting more interest in Nigeria within a short period since he assumed office on May 29, 2023, promising to support in mobilising other investors with about $1.5 trillion to look towards Nigeria, where reforms have been tailored to favour business and encourage inclusive development.

“The message you have given us is that Nigeria is investible, and with your election, we are seeing decisive, prompt and keen interest in structural reforms,’’ the MTN Group Chairman noted.

The meeting was also attended by the Group President/CEO of MTN Ralph Mupita, Chairman of MTN Nigeria Ernest Ndukwe and Chief Executive Officer Olutokun Karl Toriola.