The Central Bank of Nigeria (CBN) has called for the local manufacturing of essential telecom infrastructure to strengthen the country’s economy and internal integration of the industry.
According to Punch newspaper, CBN Governor Olayemi Cardoso has advised mobile operators to start producing SIM cards, cables, and towers locally to relieve pressure on dollar demand, generate jobs, and enhance the economy.
Cardoso spoke at the CNB in Abuja during Airtel’s management team visit earlier this week, led by group CEO Sunil Taldar, to discuss rural digitalisation and financial inclusion.
The governor noted that the CBN has been stabilising the foreign exchange market, strengthening the naira’s competitiveness, and increasing investor confidence in Nigeria’s economy.
As a result, Cardoso believes telcos should favour local production to benefit the economy.
“The governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has renewed calls for deeper backward integration in the telecommunications sector, emphasising the need to localise key supply chains while expanding financial services to benefit ordinary Nigerians,” said the central bank.
Furthermore, the governor emphasised the CBN’s commitment to creating a more inclusive and technology-driven financial ecosystem and ensuring that telecom operators and financial service providers compete and innovate.
“The CBN is committed to ensuring 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.”
