Friday in Abuja, President Bola Tinubu stated that his administration is open to identifying and removing barriers to increase the investability of the Nigerian economy.
He stated that the current economic reforms would be crafted to benefit young Nigerians.
At the State House, Tinubu told a group from MTN led by Group Chairman Mcebisi Jonas, “We are ready to remove bottlenecks to investments in the economy.”
This information was provided in a statement that Dele Alake, the President’s Special Adviser on Special Duties, Communications, and Strategy, signed late on Friday and that was titled, “We’ll remove bottlenecks to investments, reposition economy to favor youth population, says President Tinubu.”
He promised the manufacturing and service sectors that additional reforms would be implemented to increase efficiency and draw in investment, adding that the current economic “revolution” would be intentionally guided to attract and favor the nation’s teeming youth population.
His comments follow the signing of four executive orders suspending the 5% excise tax on telecommunication services and the escalation of excise duties on locally produced goods.
The President also authorized the creation of a Presidential Committee on Fiscal Policy and Tax Reform, and Mr. Taiwo Oyedele, a partner in PriceWaterhouseCoopers’ tax practice who specializes in Africa, was chosen to serve as the committee’s chairman.
The President said, “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,” in his remarks to the MTN delegation.
“Please let us know if you encounter any difficulties or obstacles. He acknowledged the profound changes occurring in the world, which are primarily caused by technology, and said, “We are prepared to remove bottlenecks to investments in the economy.
President Tinubu argued that the only way to stop the growing rural-urban migration was to increase investments in digital technology, which would directly enhance healthcare and educational opportunities for the underprivileged.
“I’m glad you’re shifting from corporate social responsibility to being more sharp-witted and tech-savvy so we can see how we can structurally partner.
“Working with us will help the economy tremendously. Nobody can succeed alone, in our opinion.
The President said, “The structural changes we are making are to ensure that we face the right direction and arrive at a destination that caters to our people.”
He declared that the Nigerian people will benefit from the prosperity that results from working with the telecom giant.
“Together, we will create an informed society. The journey needs to be reevaluated.
He continued, “I am pleased that the stock market is responding favorably to the structural adjustments.
The chairman of MTN Group stated that the company intends to invest $3.5 billion in the economy over the following five years, with a larger vision of becoming a pan-African corporation by shifting investments away from the Middle East and concentrating more on Africa, particularly Nigeria, where it receives the highest return on investment.
Jonas thanked the President for the increase in interest in the nation within a short period of time since he took office on May 29, 2023, and he pledged to support the mobilization of additional investors with about $1.5 trillion to consider Nigeria, where reforms had been created to favor business and encourage inclusive development.
“The message you have given us is that Nigeria is investible,” he said, “and with your election, we are seeing decisive, prompt, and keen interest in structural reforms.”
Ralph Mupita, Group President and CEO of MTN, Ernest Ndukwe, Chairman of MTN Nigeria, and Olutokun Toriola, CEO, were present at the meeting.
