By John Audu, Abuja
Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has urged telecommunications operators to enhance local production capabilities and reduce their reliance on foreign exchange. This call came during a recent meeting with Airtel Africa’s management team in Abuja, where he emphasized the importance of backward integration in the industry.
In a statement released by the CBN, Cardoso highlighted the necessity for telecom firms to localize key supply chains by producing essential components such as SIM cards, cables, and towers within Nigeria. He explained that such measures would alleviate pressure on dollar demand, create job opportunities, and bolster the national economy.
Cardoso stated, “The CBN is committed to ensuring that financial services reach more Nigerians, especially in rural and underserved communities. Through collaboration with relevant agencies and industry players, we aim to build a more inclusive and digitally-driven financial ecosystem.”
During the meeting, Sunil Taldar, CEO of Airtel Africa, acknowledged the CBN’s recent efforts to stabilize the foreign exchange market and strengthen the naira’s competitiveness, which have improved investor confidence. Taldar expressed support for the CBN’s initiative to promote local production in the telecom sector, asserting that reducing reliance on foreign currency would yield long-term benefits for both telecom operators and the broader economy.
The CBN’s statement also noted plans for a high-level summit to engage stakeholders in developing strategies for enhancing financial accessibility, particularly in rural areas. This initiative aligns with Cardoso’s broader agenda to deepen financial inclusion and expand digital payment solutions across Nigeria.
