Airtel plans $700m additional investment in 2 years

By Egena Sunday Ode

A mobile telecommunication company in Nigeria, Monday, expressed confidence in the capacity of President Bola Tinubu’s administration to take the country’s economy to greater heights.
Speaking to newsmen after he led a delegation of Airtel’s top management to the Presidential Villa, Abuja, Chairman, Bharti Airtel Worldwide Mr Sunil Bharti Mittal, particularly hailed the decision by Tinubu’s administration to float the naira, saying the move will unleash foreign investments in the country.
Mittal was accompanied on the visit by Dr Segun Ogunsanya, Chief Executive Officer of Airtel Nigeria to the State House, where he expressed commitment to offer services in Nigeria, just as he lauded the president for making foreign exchange easier to access.
He said the lack of easy access to foreign exchange hitherto experienced by investors had hampered 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 disclosed the company’s plan to roll out its 5G services, even as he revealed that it would be making an additional investment of $700 million in the next two years.
Mittal stated: “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 fibre 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, 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.”
While stating that Nigeria is key in Africa, he also noted the role of the country as an economic power house in the continent.
He said without Nigeria, African strategy will not work.
Mittal said he requested the meeting with the President in order to talk about Airtel and India, adding that he was touched by the speed and clarity of mind that the President has exhibited within a short time.
“We have given a standing ovation to the floating of the dollar,” he said, adding that he saw a President that was deeply committed to removing poverty in the country.”