The Central Bank of Nigeria (CBN) has called on telecommunications companies to produce SIM cards, cables, and other essential infrastructure locally to reduce reliance on foreign exchange (FX). CBN Governor Olayemi Cardoso made this appeal during a meeting with Airtel Africa’s management in Abuja, emphasizing the need for backward integration to ease FX pressure and boost the economy.
Cardoso highlighted the CBN’s ongoing efforts to stabilize the FX market and restore investor confidence. He stressed that local production of telecom equipment would not only conserve forex but also create jobs and support the country’s industrialization drive. He urged telcos to align with the government’s push for self-sufficiency in critical sectors.
In response, Airtel Africa’s Group CEO, Sunil Taldar, welcomed the CBN’s economic policies and assured the regulator of Airtel’s commitment to supporting local manufacturing. He reiterated the company’s focus on expanding digital financial services and driving financial inclusion, particularly in underserved areas.
The CBN also reaffirmed its commitment to collaborating with stakeholders to improve digital payment infrastructure. As the telecom sector plays a crucial role in Nigeria’s digital economy, the apex bank believes that increased local production will enhance resilience and reduce external economic shocks.
