Former President Olusegun Obasanjo has urged for a more conducive environment in Nigeria to attract substantial foreign investments. He made this call during the Exaugural Lecture and Book Launch by former Punch Editor Mr. Adedayo Oketola in Lagos on Tuesday.
The book, titled “The Catalyst: Nigerian ICT Evolution Through A Journalist’s Lens,” was discussed at the event. Obasanjo emphasized that with the right mindset and policies, any country could draw significant growth and investments.
Reflecting on his administration’s success, Obasanjo highlighted the transformative impact of investments in Nigeria’s telecommunications sector. He reminisced about the early days of the industry when infrastructure investments were significant but yielded limited results, with only 500,000 lines available.
Obasanjo recounted a notable instance when a mobile line was auctioned for $280 million, far exceeding the initial offer of $3 million. This move spurred fierce competition, leading to the emergence of major players like MTN, Glo, and Econet, which later became Airtel. Etisalat also entered the market by paying $450 million for a license.
He stressed that the success of the telecommunications sector was not by chance but a result of creating a favorable investment environment. Obasanjo believes that similar opportunities for development still exist, but attracting the necessary funds requires creating a conducive atmosphere.
At the event, the Lagos State Government highlighted its achievements in the ICT sector, with the Lagos State Commissioner for Information and Strategy, Mr. Gbenga Omotoso, noting that 99 percent of the state’s fibre optic cables have been laid to enhance Internet connectivity.