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18 February 2025
The Central Bank of Nigeria (CBN) has called for the local manufacturing of essential telecoms infrastructure to strengthen the country's economy, as well as stronger internal integration of the industry.
CBN Governor Olayemi Cardoso has advised mobile operators to start producing SIM cards, cables, and towers locally to relieve pressure on dollar demand, generate jobs, and enhance the economy.
The CBN has been stabilising the foreign exchange market, strengthening the naira's competitiveness, and increasing investor confidence in Nigeria's economy. As a result, Cardoso believes telcos should favour local production for the benefit of the economy.
“The governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has renewed calls for deeper backward integration in the telecommunications sector, emphasising the need to localise key supply chains while expanding financial services to benefit ordinary Nigerians,” said the CNB.
