The MTN Chief, Mcebisi Jonas, has revealed that the company plans to invest $3.5 billion in the Nigerian economy over the next five years.
He made this known during the meeting at the State House in Abuja where the president of Nigeria, Bola Tinubu, reassured investors in the telecoms industry of his administration’s resolve to remove barriers impeding economic investment.
In order to ensure that the nation’s sizable youth population can actively participate in its success, President Tinubu emphasized the necessity to revolutionize the economy. He said that one of the most important steps in reaching this goal is reducing obstacles to investment.
President Tinubu emphasized the significance of expanded investment in digital technology in order to address issues like rural-urban migration and to improve healthcare and educational systems for underprivileged populations. He acknowledged the major influence of technology on global trends.
“We can see how we can partner structurally if you shift from corporate social responsibility to being more incisive and curious with technology,” he said.
The MTN Group chairman talked about the company’s plan to invest $3.5 billion in Nigeria over the following five years in the telecoms sector.
The goal is to transform the corporation into a pan-African one by shifting its investments away from the Middle East and towards Africa, with Nigeria at the forefront given that it generates the highest returns on investment.
The speaker said, “The message you have shown us is that Nigeria is investible, and with your election, we are witnessing decisive, fast, and passionate interest in structural reforms.”
President Tinubu also took action to encourage a positive investment climate earlier this week by mandating the suspension of the import quota and the 5% excise duty on telecommunications and the Import Tax Adjustment levy on certain vehicles.
These moves were a part of four executive orders that the president issued to deal with the country’s improper taxing practices. The President also moved the Finance Act, 2023’s implementation date from May 23 to September 1, 2023.
