Thursday, April 18, 2024

Tinubu Accelerates Digital Sector Investment Permits

President Bola Ahmed Tinubu has directed the swift issuance of processing permits to encourage investment in Nigeria’s Communications, Innovation, and Digital Economy sector.

The President gave the directive during a meeting with a delegation from American Tower Corporation (ATC) Nigeria at the State House in Abuja on Thursday.

President Tinubu further directed the Federal Ministry of Communications, Innovation, and Digital Economy; the Federal Inland Revenue Service (FIRS), and the Federal Ministry of Environment to streamline regulations and tax frameworks. This alignment aims to facilitate the expansion of investments in telecommunications and broadband infrastructure across the nation.

In response, the Chief Executive Officer of ATC Africa, Marek Busfy, affirmed ATC Nigeria’s dedication to enhancing its investments in the country. Notably, their investments have already exceeded $2.19 billion since the inception of operations in Nigeria in 2015.

Busfy also emphasized ATC’s commitment to delivering value to subscribers while reducing greenhouse gas emissions associated with its operations.

Presidency Honours Gombe For Digital Innovation

Responding, President Tinubu commended ATC Nigeria for its significant contributions and investments in the country’s ICT sector, highlighting the importance of innovative solutions to bridge the digital divide.

3MTT

The President lauded the ongoing efforts of the Federal Ministry of Communications, Innovation, and Digital Economy to promote digital connectivity across the nation, particularly the 3 Million Technical Talent (3MTT) programme that functions to upskill three million Nigerian youths in digital literacy and innovation through innovation incubators nationwide.

Broadband connectivity

President Tinubu outlined ongoing initiatives to establish broadband connectivity in all 774 local government secretariats within six months, leveraging existing infrastructure, such as NIGCOMSAT and Galaxy Backbone’s fibre optic network.

Ease of doing business

Addressing concerns raised by the delegation regarding the ease of doing business in Nigeria, President Tinubu assured them of his administration’s commitment to implementing reforms that will eliminate bureaucratic constraints.

In response to a request from the delegation for a reduction in withholding tax for telecommunications companies to stimulate investments in telecommunications and broadband infrastructure, the President said the Federal Inland Revenue Service (FIRS) would review the matter and provide a solution that is in the best interest of both the investors and the Nigerian people.

In his remarks, the CEO of ATC Africa reiterated the company’s readiness to invest further in Nigeria’s ICT infrastructure to meet the market’s growing demand for data, while lauding the clarity of strategy demonstrated by the administration, particularly praising the roadmap and efforts of the Honourable Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani.

“Mr. President, what has struck me in Nigeria is the clarity of strategy by your administration, particularly in the ICT sector, and the administration’s 3MTT programme. In the last year, we have invested over $200 million in growing our infrastructure in Nigeria, and we are ready to do significantly more.  

“We have employed several hundred people in Nigeria and 25,000 more indirectly. We have paid about $400 million in taxes, both direct and indirect. As an American company, we are often asked about our experience in Africa and in Nigeria, and we want to stress that we are very ethical in our approach to business,” Busfy said.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

For Advert Placements, Email: info@ln247.news

Latest Articles