Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has renewed calls for deeper backward integration in the telecommunications sector, harping on the need to localise key supply chains while expanding financial services to benefit ordinary Nigerians.
The CBN governor, who gave this charge on Wednesday when Airtel Africa’s management team, led by Group Chief Executive Officer Mr. Sunil Taldar, paid him a courtesy visit, pointed out stronger drive for backward integration by the Mobile Network Operators (MNOs) had become imperative in order to reduce the sector’s reliance on foreign exchange.
Cardoso recalled that the apex bank had for the past 16 months been intervening to stabilise the foreign exchange (FX) market, strengthening the Naira’s competitiveness, and boosting investor confidence in the nation’s economy.
According to him, based on the successes recorded by the apex bank through its monetary policy reforms, telecom firms must now embrace backward integration by producing essential components such as SIM cards, cables, and towers locally, arguing that this shift will not only ease US dollar demand but also create jobs and strengthen the economy.
Aside the industry reforms, Cardoso highlighted the CBN’s broader vision of deepening financial inclusion and enhancing digital payment solutions for everyday Nigerians even as he hinted of a high-level summit where the apex bank wouldcollaborate with key industry stakeholders to develop strategies that promote accessible, efficient, and innovative financial services.
He assured: “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 also promised the Airtel team and other stakeholders in the nation’s economy of the apex bank’s readiness to take the necessary steps to create an enabling environment for financial service providers, fostering competition, innovation, and expanded access for Nigerians.
In his remarks, the Airtel Africa’s Group CEO commended the CBN’s reforms and expressed his company’s support for backward integration drive, emphasising that reducing reliance on the USD is in the mid to long-term interest of telecom operators.
Taldar reiterated Airtel’s commitment to deepening financial inclusion in Nigeria through technology-driven solutions and pledged continued collaboration with regulators to promote digitisation and economic growth.
