By CHIMA AKWAJA, Lagos And NKECHI ISAAC, Abuja
The federal government of Nigeria has clinched a business deal that would see Indian investors pump over $4 billion in the nation’s telecommunication sector.
Nigeria’s head of delegation to the just concluded World Summit on the Information Society, WSIS FORUM 2017 and the Minister of Communications, Barr. Abdur-Raheem Adebayo Shittu, in Geneva, Switzerland struck a business deal to facilitate over $4 billion telecommunication investments from India to Nigeria.
The minister, while making his presentation at one of the sessions on the various business opportunities that beckons in the nation’s telecom sector and the need for investors around the world to take full advantage of Nigeria’s strategic relevance and positioning in Africa, extended a hand of fellowship to Indian investors and leading telecom stakeholders.
Barr. Shittu’s captivating account of Nigeria’s government’s new capabilities, transparency and the new set of business ethos under President Muhammadu Buhari, are the impetus required for investors to be engaged in legitimate businesses without let or hindrance to get adequate and timely returns on their investments.
The audience who were held spell bound by the various giant strides of the Minister, as encapsulated by the different on-going reforms in the agencies under the Ministry, and in the overall telecom sector in the country were desirous of doing business in Nigeria.
At a side meeting with the ostensibly elated business gurus and key investors, a couple of Indian entrepreneurs convinced of the Minister’s olive branch and sincerity of purpose, jumped at the offer to pull resources together in excess of $4 billion, to be invested in Nigeria’s telecom sector with emphasis on rural telephony and grassroots development.
The two parties are due to meet next month to fine tune the necessary modalities. Meanwhile, other countries with technical expertise have also indicated interest to assist the country over satellite capabilities, so as to expand the horizon of NIGCOMSAT.