Airtel Chairman Sunil Bharti Mittal Commends President Bola Tinubu on His Bold Economic Reforms

By Dayo Dare

The economic reforms embarked upon by the President Bola Ahmed Tinubu administration have been described as tough, unprecedented but necessary.

This was stated by the Chairman of Airtel, Sunil Bharti Mittal during a meeting with President Bola Tinubu at the State House in Abuja.

Speaking on the removal of fuel subsidy and the harmonization of the foreign exchange rates Mr. Sunil Bharti Mittal praised President Bola Tinubu for what he described as strong and transformative economic reforms, which he believes will set Nigeria on a path to sustained growth and development.

Mittal, who led an Airtel delegation, reflected on the depth of President Tinubu’s reform agenda, noting that it reminded him of India’s own economic turnaround in the early 1990s. He shared his experience of how India’s reforms, similar in nature to those currently being implemented in Nigeria, catapulted the nation into one of the world’s largest economies. He emphasized that President Tinubu’s efforts, especially the recent decisions on currency floatation and the removal of fuel subsidies, are already being recognized globally as bold and necessary steps for the country’s future.

“I feel that what you have done here is unprecedented in a challenging time. Only people of resolve and steel can endure this huge pressure. It has been a remarkable achievement celebrated by the entire world,” Mittal remarked. He specifically highlighted the tough decision to float the naira, a move that, despite initial challenges, is seen as crucial for Nigeria’s economic stability. Mittal compared this shift to similar reforms in India, which helped stabilize their economy in the 1990s and set the stage for immense future growth.

Furthermore, Mittal commended the President’s stance on the removal of fuel subsidies, calling it a “difficult but vital decision.” He praised President Tinubu for holding firm in the face of adversity, recognizing that such reforms, though tough, would ultimately secure the nation’s long-term development. “You have taken a long-term position. It is my belief and hope that you have created a legacy for yourself,” Mittal said.

The Airtel Chairman also acknowledged the broader impact of these reforms, suggesting that the positive outcomes would encourage both domestic and international investors. He expressed confidence that Nigeria is poised to attract more investments, particularly from Nigerians with substantial financial portfolios abroad, who are now beginning to feel more secure in the country’s direction.

Mittal’s remarks come in the wake of President Tinubu’s promise to review Nigeria’s regulatory frameworks, including in the telecoms sector, to align with global best practices and ensure better protection of critical infrastructure. This approach, combined with the government’s tax reforms, is expected to create a more favorable environment for business and economic growth.

In response, President Tinubu reiterated his commitment to a pro-business agenda, emphasizing that Nigeria is open to learning from successful models around the world, including India’s, to strengthen the nation’s economy.

“I am grateful for your openness, readiness, and confidence, which moved us very close to the Prime Minister of India. When he was here, we discussed things at length. “The entire ecosystem will be further examined, and if there is anything we can copy from India, we are ready to do so. We are prepared to learn. We are not ashamed of copying what is working in other climes. “It is for the good of all of us, and Nigeria is so critically important that we must give attention to those revolutionary intentions that can make business work. I am pro-business, and I will continue to be that. I can give you that assurance,” he said.

The President also noted that the tax reforms will create a more favourable climate for investors.

“We will find a way to work with tax administrators to ensure that whatever we have to do, we will encourage growth and opportunities. We are ready to do that”.

The Minister of Communication, Innovation, and Digital Economy, Bosun Tijani, also thanked the President for consistently supporting the telecoms sector’s growth. Tijani said the approval by the President for the protection of fibre optic and undersea cables as critical national assets would further stimulate growth in the industry, assuring that the Office of the National Security Adviser (NSA) has started implementing and enforcing the law.