The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has renewed his push for greater backward integration in the telecommunications sector.
Speaking during a courtesy visit by Airtel Africa’s management team, led by Group Chief Executive Officer Sunil Taldar, Cardoso emphasized the need for telecom firms to reduce their reliance on foreign exchange.
The CBN has spent the past 16 months stabilizing the foreign exchange market, strengthening the Naira’s competitiveness, and boosting investor confidence in the Nigerian economy.
Cardoso believes that with these gains, telecom firms must now focus on producing essential components such as SIM cards, cables, and towers locally.
This shift would not only ease dollar demand but also create jobs and strengthen the economy.
Cardoso also highlighted the CBN’s broader vision of deepening financial inclusion and enhancing digital payment solutions for everyday Nigerians.
He announced plans for a high-level summit to develop strategies that promote accessible, efficient, and innovative financial services.
Airtel Africa’s Group CEO, Sunil Taldar, commended the CBN’s reforms and voiced support for backward integration.
He emphasized that reducing reliance on the dollar was in the mid to long-term interest of telecom operators.
The CBN’s push for backward integration is expected to have a positive impact on the Nigerian economy, creating jobs and stimulating growth in the telecommunications sector.
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