CBN Urges Telcos to Manufacture SIM Cards Locally to Conserve Forex
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged telecommunications companies to manufacture essential components locally, in a bid to reduce the industry’s reliance on foreign exchange and promote economic growth.
This was disclosed in a statement issued by the apex bank on Thursday. According to the statement, Cardoso stressed that telecom firms must take concrete steps to produce essential components such as SIM cards, cables, and towers locally to reduce pressure on dollar demand, create jobs, and strengthen the broader economy.
The CBN governor made the remarks in Abuja on Wednesday during a courtesy visit by Airtel Africa’s management team, led by the Group Chief Executive Officer, Mr Sunil Taldar.
He noted that the apex bank had spent the past 16 months stabilising the foreign exchange market, strengthening the naira’s competitiveness, and boosting investor confidence in the Nigerian economy.
With these improvements, he said, telecom firms must now embrace local production to sustain economic progress.
The statement read, “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.”
Cardoso also outlined the CBN’s broader plan to deepen financial inclusion and expand digital payment solutions for Nigerians.
He announced plans for a high-level summit where the bank would engage key stakeholders in developing strategies to enhance financial accessibility, particularly in rural and underserved communities.
He reaffirmed the CBN’s commitment to fostering a more inclusive and technology-driven financial ecosystem while ensuring that telecom operators and financial service providers operate in a competitive and innovative environment.
Cardoso was quoted in the statement, saying, “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.”
In response, Airtel Africa’s Group CEO, Mr Sunil Taldar, commended the CBN’s economic reforms and backed the push for backward integration in the telecom sector.
He stated that reducing reliance on foreign exchange would be beneficial in the long run for telecom operators and the economy.
Taldar, who was accompanied by Airtel Nigeria CEO, Mr Dinesh Balsingh; Group CFO, Mr Jaideep Paul; and Director of Corporate Communications & CSR, Mr Femi Adeniran, reiterated Airtel’s commitment to promoting financial inclusion through technology-driven solutions.
He pledged continued collaboration with regulators to drive digitisation and economic growth in Nigeria.
