The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on telecom companies to reduce their dependence on foreign imports by producing key materials like SIM cards, cables, and towers locally.
Speaking in Abuja during a visit by Airtel Africa’s management team, led by Group CEO Sunil Taldar, Cardoso stressed that local production would help reduce pressure on the dollar, create jobs, and boost Nigeria’s economy.
He noted that over the past 16 months, the CBN has worked to stabilize the foreign exchange (forex) market, strengthen the Naira, and attract investors.
With these improvements, he urged telecom firms to embrace “backward integration”—a strategy where companies source and produce essential materials locally instead of relying on imports.
Beyond industry reforms, Cardoso noted the CBN’s broader goal of making financial services more accessible to Nigerians, especially in rural areas.
He announced plans for a high-level summit where the CBN and industry leaders will discuss ways to improve digital payments and financial inclusion.
