According to Olayemi Cardoso, the apex bank’s governor, the Central Bank of Nigeria (CBN) has spent the past 16 months stabilizing the foreign exchange market, strengthening the Naira, and boosting investor confidence.
Speaking in Abuja on Wednesday during a courtesy visit by Airtel Africa’s leadership team, led by Group CEO Sunil Taldar, Cardoso emphasized the need for greater backward integration in Nigeria’s telecommunications sector. He urged telecom companies to localize key aspects of their supply chains by producing essential components such as SIM cards, cables, and towers within the country. He noted that this shift would reduce reliance on foreign exchange, create jobs, and strengthen the domestic economy.
Cardoso stressed that the CBN’s broader vision extends beyond stabilizing the currency. The bank is committed to deepening financial inclusion and expanding digital payment solutions to ensure that financial services reach a wider segment of the population, particularly in rural and underdeveloped areas.
To accelerate these goals, the CBN plans to host a high-level summit, bringing together key industry stakeholders to develop strategies for enhancing accessible, efficient, and technology-driven financial services.
“The CBN is dedicated to ensuring that more Nigerians—especially those in remote areas—can access financial services. Through collaboration with key agencies and industry leaders, we aim to build a more inclusive and digitally driven financial ecosystem,” Cardoso stated.
In response, Sunil Taldar, Group CEO of Airtel Africa, commended the CBN’s foreign exchange reforms and expressed support for the push toward backward integration. He acknowledged that reducing dependence on the dollar for telecom infrastructure would benefit both operators and the economy in the long term.
Alongside Taldar, Dinesh Balsingh, Jaideep Paul, and Femi Adediran—senior executives from Airtel—reaffirmed Airtel’s commitment to deepening financial inclusion in Nigeria. The telecom giant pledged continued collaboration with regulators and financial institutions to drive digital transformation and economic growth through innovative technology-driven solutions.
With the CBN’s ongoing efforts to stabilize the economy and strengthen the Naira, the call for local production and financial sector expansion is set to redefine Nigeria’s telecom and fintech landscape. By encouraging domestic manufacturing, fostering competition, and investing in digital financial solutions, these reforms aim to position Nigeria as a leader in telecom innovation and financial inclusion across Africa.
