“There Is Light”: Airtel CEO Speaks on Tinubu Govt's Economic Policy

“There Is Light”: Airtel CEO Speaks on Tinubu Govt's Economic Policy

  • Segun Ogunsanya, the Chief Executive Officer, of Airtel Africa has praised President Tinubu's economic reforms
  • He said Tinubu's policy changes, which include forex reforms, have made planning more accessible for businesses.
  • Airtel, the oldest telecommunications company operating in Nigeria, began operations in August 2001 as Econet Nigeria

Legit.ng journalist Dave Ibemere has over a decade of experience covering business and the economy

The Chief Executive Officer of Airtel Africa, Segun Ogunsanya, has commended President Bola Tinubu's efforts to revive the Nigerian economy.

According to him, Tinubu's economic policy reforms, particularly the unification of the exchange rate, have eased planning and operations within Nigeria.

Airtel naira to dollar exchange rate
Airtel boss believes Tinubu's forex reforms good for business Photo credit: Airtel
Source: Getty Images

Ogunsanya stated this after a meeting with the President at the Aso Rock Villa in Abuja on Wednesday, January 10, 2024.

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He explained that although the company still faces FX challenges, the policy has eased its business within the past seven months, Punch reports.

His words:

“We had massive issues with FX liquidity, we still have some issues with FX liquidity, but at least slightly more predictable than it was a couple of months ago.
“It makes it easier for us to do better planning. We’re not out of the woods yet, but we can see the light at the end of the tunnel; we can do better planning,” he told State House Correspondents at the Villa."

Legit.ng reported that Airtel Africa Plc recently said it lost a reported $471 million in 2023 due to the harmonisation of the foreign exchange rates in Nigeria.

Airtel Data centre

The CEO, who is set to retire in June 2024, also used the opportunity to unveil his company's plans for 2024.

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According to him, Airtel is setting up one of Africa's largest data centres in Nigeria. Ogunsanya added that the mega data centre in Nigeria would serve other big businesses and some multinationals, mentioning that the land had been procured and the groundbreaking ceremony would be in a few weeks.

He said:

"We're in the process of establishing a new data center, having acquired the land already. Groundbreaking will happen soon, and this facility is poised to become one of the largest data centers in Africa, situated in Nigeria.
"It will cater to major multinational and foreign companies, solidifying its position as one of the largest in the continent."

Nigeria Customs sets new exchange rate to clear imported goods

Earlier, Legit.ng reported that Nigeria customs adjusted the foreign exchange rate for clearing imported goods at Nigerian ports

The new rates were intended to reflect the depreciation of the Naira against the Dollar across the foreign exchange markets.

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With the new rate, the cost of imported goods will increase nationwide.

Source: Legit.ng

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