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The Central Bank of Nigeria (CBN) has urged telecommunications companies to localize the production of essential components such as SIM cards, cables, and towers to reduce reliance on foreign exchange and strengthen the country’s economy.
CBN Governor Olayemi Cardoso made this call during a meeting with Airtel Africa’s management team, led by Group CEO Sunil Taldar, in Abuja on Wednesday. In a statement issued on Thursday, the apex bank emphasized the importance of backward integration in the telecom sector to ease pressure on the naira, create jobs, and promote economic sustainability.
Cardoso highlighted the CBN’s efforts over the past 16 months to stabilize the foreign exchange market, enhance the naira’s competitiveness, and restore investor confidence. He stressed that telecom firms must now play a role in sustaining these economic gains by prioritizing local manufacturing.
“The CBN is committed to fostering a more inclusive and technology-driven financial ecosystem. Through collaboration with key industry stakeholders, we aim to expand financial access, particularly in underserved communities,” Cardoso said.
As part of this strategy, the CBN announced plans for a high-level summit to engage stakeholders in developing policies that enhance financial inclusion and digital payment solutions across the country.
In response, Airtel Africa’s Group CEO, Sunil Taldar, commended the CBN’s economic reforms and backed the initiative for increased local production. He acknowledged that reducing dependence on foreign exchange would benefit both telecom operators and the economy in the long run.
Accompanied by Airtel Nigeria CEO Dinesh Balsingh, Group CFO Jaideep Paul, and Director of Corporate Communications & CSR Femi Adeniran, Taldar reiterated Airtel’s commitment to advancing financial inclusion through technology-driven solutions. He also pledged continued collaboration with regulators to drive digital transformation and economic growth in Nigeria.
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