President Bola Ahmed Tinubu
Obstacles to investment removal-Tinubu. President Bola Tinubu stated in Abuja on Friday that his administration is open to finding and removing barriers to make the Nigerian economy more investable.
He stated that the impending economic reforms would be tailored to benefit Nigerian youngsters.
“We are ready to remove bottlenecks to investments in the economy,” Tinubu told an MTN team led by Group Chairman Mcebisi Jonas at the State House.
Dele Alake, the President’s Special Adviser on Special Duties, Communications, and Strategy, made the announcement late Friday in a release headed ‘We’ll remove obstacles to investments, reorient economy to favor youth population, says President Tinubu.’
He told the manufacturing and service sectors that additional changes would be implemented to increase efficiency and attract investments, and that the country’s current economic “revolution” would be purposefully oriented to catch and favor the country’s teeming youths.
His words come only hours after he signed four Executive Orders delaying the 5% excise tax on telecommunications services and the rise of excise charges on domestically manufactured commodities.
The President also approved the formation of a Presidential Committee on Fiscal Policy and Tax Reform, with Mr Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PriceWaterhouseCoopers, serving as its chairman.
“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 the MTN delegation.
“Please let us know if you have any problems or impediments.” “We are prepared to remove bottlenecks to economic investment,” he said, while admitting the global shifts brought about mostly by technology.
President Tinubu reasoned that additional investments in digital technology would directly enhance healthcare services and education for the poor, and that this would be the only way to control the expanding rural-urban movement.
“I am pleased that you are shifting from Corporate Social Responsibility to being more incisive and inquisitive about technology so that we can see how we can structurally partner.”
“By collaborating with us, you can do a lot for the economy.” We think that no one can prosper on their 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,” the President stated.
He said the Federal Government will work with the telecom giant to ensure that Nigerians share in the resulting prosperity.
“We will work together to create a well-informed society.” The journey must be re-evaluated.
“I am glad that the stock market is responding positively to structural adjustments,” he added.
The MTN Group Chairman said the company plans to invest $3.5bn 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 mobilisation of other investors with about $1.5tn to look towards Nigeria, where reforms had been designed to favour business and encourage inclusive development.
He said, “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 Group President/CEO of MTN, Ralph Mupita, Chairman of MTN Nigeria, Ernest Ndukwe and Chief Executive Officer, Olutokun Toriola, were at the meeting.