- MTN to invest $3.5bn
President Bola Tinubu has assured the manufacturing and service sectors that more reforms will be unfolded to enable efficiency and attract investments into the country.
The President explained that the ongoing economic ‘‘revolution’’ will be deliberately steered to capture and favor teeming youths in the country.
“We have a responsibility to revolutionize 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 a delegation from MTN led by Group Chairman, Mcebisi Jonas, at the weekend in Presidential Villa, Abuja.
“If you have any problems or impediments do let us know. We are ready to remove bottlenecks to investments in the economy,’’ the President noted while acknowledging the sweeping changes across the world, largely driven by technology.
Tinubu said the growing rural-urban migration can only be controlled with more investments in digital technology that will directly improve healthcare systems 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 to 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 had a plan of investing $3.5 billion in the economy over the next five years, with a broader vision of becoming a pan-African company by moving 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 the upswing of interest in the country within a short period since he assumed office, on May 29, 2023, promising to support the mobilization of other investors with about $1.5 trillion to look towards Nigeria, where reforms had been styled to favor 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 Group President/CEO of MTN, Ralph Mupita, Chairman of MTN Nigeria, Ernest Ndukwe, and Chief Executive Officer, Olutokun Karl Toriola were part of the meeting.
