*Urges Greater Backward Integration
By Chris Agabi
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has told telecommunications companies to invest locally and reduce the over dependency on imported technologies which puts pressure on Forex.
He tasked them on deeper backward integration in the telecommunications sector, emphasising the need to localise key supply chains while expanding financial services to benefit ordinary Nigerians.
Speaking in Abuja on Wednesday, February 12, 2025, during a courtesy visit to CBN headquarters by Airtel Africa’s management team, led by Group Chief Executive Officer Mr. Sunil Taldar, Cardoso emphasised the need to reduce the sector’s reliance on foreign exchange.
He noted that the CBN has 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 gains, he said, telecom firms must now embrace backward integration by producing essential components such as SIM cards, cables, and towers locally. .
This shift, he argued, would not only ease dollar demand but also create jobs and strengthen the economy.
Beyond industry reforms, Cardoso 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 where the Apex Bank will collaborate with key industry stakeholders to develop strategies that promote accessible, efficient, and innovative financial services.
“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,” Cardoso said.
He also reassured Airtel and other stakeholders that the CBN would take the necessary steps to create an enabling environment for financial service providers, fostering competition, innovation, and expanded access for Nigerians.
In response, Airtel Africa’s Group CEO, Mr. Sunil Taldar, commended the CBN’s reforms and voiced support for backward integration, emphasising that reducing reliance on the dollar was in the mid to long-term interest of telecom operators.
He was accompanied by CEO, Airtel Nigeria, Mr. Dinesh Balsingh; Group CFO, Mr. Jaideep Paul; and Director of Corporate Communications & CSR, Mr. Femi Adeniran.
Taldar reiterated Airtel’s commitment to deepening financial inclusion in Nigeria through technology-driven solutions and pledged continued collaboration with regulators to drive digitisation and economic growth.
