On Friday in Abuja, President Bola Tinubu stated his government is ready to reduce barriers to investment in Nigeria.
He promised Nigerian youth-friendly economic improvements.
“We are ready to eliminate impediments to investments in the economy,” Tinubu told an MTN team headed by Group Chairman Mcebisi Jonas at the State House.
Dele Alake, the President’s Special Advisor on Special Duties, Media, and Strategy, announced this late Friday in a release headed ‘We’ll eliminate obstacles to investments, realign economy to favour young population, says President Tinubu.’
He told the industrial and service sectors that additional changes would be implemented to increase efficiency and attract investments, adding the current economic “revolution” would be led to capture and benefit the nation’s teeming young.
His words came hours after he issued four Executive Orders suspending the five per cent excise tax on communications services and the excise duty increase on locally-manufactured goods.
Mr Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Head at PriceWaterhouseCoopers, was appointed chairman of the Presidential Commission on Fiscal Policy and Tax Reform by the President.
The President told the MTN delegation, “We have a duty to modernise the economy so that our youngsters may participate in the wealth of the country; otherwise, we are merely waiting for the dreams to be charted.”
Please inform us of any issues. “We are ready to eliminate impediments to economic investments,” he said, noting the global shifts caused by technology.
President Tinubu believed that investing in digital technology to enhance healthcare and education for the poor was the only way to stop rural-urban migration.
I’m glad you’re shifting from Corporate Social Responsibility to being more curious about technology so we can cooperate structurally.
Partnering with us can boost the economy. No one succeeds alone.
“We are making structural modifications to guarantee we face the correct way and arrive at a destination that caters to our people,” the President said.
The Federal Government would collaborate with the telecom behemoth to ensure Nigerians benefit from the prosperity.
We’ll construct an informed society together. The voyage needs reevaluation.
“I am delighted the stock market is reacting favourably to the structural adjustments,” he said.
The MTN Group Chairman said the business wants to spend $3.5bn in the economy over the next five years to become a pan-African corporation by shifting capital from the Middle East to Africa, notably Nigeria, where it receives the greatest return on investment.
Jonas commended the President for the uptick in interest in the nation since he took office on May 29, 2023, and promised to help mobilise additional investors with $1.5tn to invest in Nigeria, where policies had been intended to favour business and inclusive growth.
“The message you have given us is that Nigeria is investible,” he remarked.
Ralph Mupita, Ernest Ndukwe, and Olutokun Toriola were present.
