The CBN has urged local manufacturing of telecommunications components to strengthen Nigeria’s economy. Governor Olayemi Cardoso emphasized producing SIM cards and infrastructure locally to lessen dollar dependence. The CBN aims to create a more inclusive financial ecosystem while expanding services to underserved populations through industry collaboration.
The Central Bank of Nigeria (CBN) has urged local production of vital telecommunications infrastructure to boost the economy and support industry integration. CBN Governor Olayemi Cardoso called on mobile operators to manufacture SIM cards, cables, and towers domestically. This initiative aims to reduce dollar demand pressure, create jobs, and enhance economic growth.
During a meeting with Airtel’s management team in Abuja, led by CEO Sunil Taldar, Cardoso reiterated the importance of stabilizing the foreign exchange market. He mentioned the efforts to improve the naira’s competitiveness and increase investor confidence in Nigeria’s economic landscape. These strategies are crucial for fostering local production and benefiting the economy.
Cardoso highlighted the need for deeper backward integration within the telecommunications sector. He encouraged localization of key supply chains while expanding access to financial services for ordinary Nigerians. This approach not only bolsters the economy but also supports technological growth within the industry.
The CBN is committed to creating a digital, inclusive financial ecosystem. This effort focuses on extending financial services to rural and underserved communities. By collaborating with relevant agencies and industry stakeholders, the CBN aims to ensure that financial services are accessible to more Nigerians, fostering innovation and competition among telecom operators and financial service providers.
In summary, the CBN’s initiative for local manufacturing in telecommunications aims to strengthen the economy, reduce reliance on foreign currency, and expand financial inclusion. By advocating for localized production and collaboration with industry players, the CBN seeks to enhance the financial ecosystem in Nigeria, particularly for marginalized communities.
Original Source: broadcastmediaafrica.com
