Nigeria’s central bank governor, Olayemi Cardoso, has called on the country’s telecom sector to accelerate backward integration and reduce reliance on foreign exchange, as the regulator moves to deepen financial inclusion and stabilise the economy.
Speaking during a meeting with Airtel Africa’s top executives on Wednesday , Cardoso underscored the need for telecom firms to source key infrastructure components, such as SIM cards, cables, and towers, locally.
This, he argued, would ease pressure on the country’s foreign reserves, strengthen the naira, and create domestic jobs.
“The Central Bank of Nigeria (CBN) has worked relentlessly over the past 16 months to stabilise the forex market, strengthen investor confidence, and support economic growth,” Cardoso said. “With these gains, it is now imperative for key industries like telecommunications to embrace backward integration, reducing their dependency on foreign exchange.”
His comments come as Nigeria continues to battle currency volatility and dollar shortages, exacerbated by a high import bill across critical sectors. The telecom industry, which relies heavily on imported equipment, has been one of the largest consumers of forex, contributing to the demand-driven pressure on the naira.
Beyond structural reforms in the telecom sector, Cardoso also laid out the central bank’s broader vision for financial inclusion, emphasizing the need to expand digital banking solutions to millions of underserved Nigerians. He announced plans for an upcoming summit where the CBN will engage industry leaders to chart a path toward a more accessible, technology-driven financial ecosystem.
“The CBN is committed to ensuring that financial services reach all Nigerians, particularly those in rural and underserved areas. Through strategic collaboration with industry stakeholders, we aim to foster an inclusive and innovative financial landscape,” he said.
Airtel Africa’s Group CEO, Sunil Taldar, welcomed the push for local production, noting that reducing reliance on dollar-denominated imports was in the long-term interest of telecom operators. He reaffirmed Airtel’s commitment to driving digital financial inclusion in Nigeria through innovative solutions.
Taldar was accompanied by Airtel Nigeria CEO Dinesh Balsingh, Group CFO Jaideep Paul, and Director of Corporate Communications & CSR Femi Adeniran. The executives pledged to work closely with regulators to advance digitization, support Nigeria’s economic ambitions, and ensure seamless financial access for millions of Nigerians.
With telecom firms playing a crucial role in the country’s digital economy, the central bank’s latest push signals a strategic effort to balance forex demand while accelerating financial inclusion in Africa’s largest market.
