Economy
100% of SIM cards used in Nigeria locally-made, says NCC
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The Nigerian Communications Commission (NCC) has said 100 per cent of the SIM cards used in the country are manufactured locally.
Head of New Media and Information Security, Babagana Digima stated this at a training for media executives in Lagos, tagged ‘Upskilling Media Stakeholders on Trends in Telecommunications’.
Digima attributed the feat to the commission’s commitment to encouraging local content and indigenous participation in the industry through the Nigeria Office for Development in Indigenous Telecommunications Sector (NORDIT).
He said: “The NCC, by Section 1D to F of our Act, has spelt out our function to encourage indigenous participation of telecom companies, as well as the national policy for promotion of indigenous content in the Telecommunications Sector which established NORDIT.
“Indigenous participation is one of the key areas NORDIT has played a major role.
“As recent as two years ago, almost 99 per cent of SIM cards used in Nigeria were imported. But when NORDIT came, we made it one of our key low-hanging fruits that in five to six months, SIM cards will be manufactured locally. We directed all the Mobile Network Operators (MNOs) to source their SIM cards locally. And this has been working since. As at now 100, per cent of the SIM cards used in Nigeria are manufactured locally, no more importation.”
Digima added the commission is also advocating to encourage indigenous participation in all aspects of telecoms. According to him, NORDIT has provided grants and incentives to some companies to ensure the industry develops.
“We are currently sponsoring the manufacture of Corrugated Ordinal Duct, and the company that will be established will be the first in Africa to manufacture such kind of product.
“We also encourage tower manufacture, fibre manufacture, and have been in touch with Coleman Cables, which are currently manufacturing fibre cables. They have even overtaken the only company in Egypt in manufacturing capacity and they are expanding.
“I am sure a lot of companies are very happy with what we have done,” he added.
Executive Vice Chairman of NCC, Dr Aminu Maida, said the initiative to upskill senior media executives was borne out of the need to bridge the gap between the commission and how it is understood by the public.
Maida, represented by the Executive Commissioner (Technical Services) Abraham Oshadami, said the commission needs to develop a mechanism that would enable consumers and stakeholders understand how things work in the industry.
He said: “These have led to the birth of this beautiful initiative. If our industry must succeed, there must be proper enlightenment and education.
“So, your physical role cannot be over-emphasised, and that is why these are carefully selected executives from across all platforms. It is to enable you understand the commission and see the operational interventions that the commission has engaged in over the time, as well as our challenges.
“This will enable us work together to shape the landscape and also help consumers understand what is happening.”
The Organisation of Petroleum Exporting Countries and its allies, also known as OPEC+, has approved the fourth oil output increase since the Hormuz closure crisis.
The decision followed renewed commitments by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to support market stability.
In a statement issued at the weekend, OPEC stated: “The seven OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, met virtually on June 7, 2026, to review global market conditions and outlook.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188,000 barrels per day from the additional voluntary adjustments announced in April 2023.
“This adjustment will be implemented in July 2026. The additional voluntary adjustments announced in April 2023 may be returned in part or in full, subject to evolving market conditions and in a gradual manner.
“The countries will continue to closely monitor and assess market conditions and, in their continuous efforts to support market stability, reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase-out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.
“The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
“The seven countries reiterated their collective commitment to achieving full conformity with the Declaration of Cooperation, including the voluntary production adjustments, which will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
“They also confirmed their intention to fully compensate for any overproduced volumes since January 2024. The compensation period will be extended until the end of December 2026.”
It added: “The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity and compensation. The seven countries will meet on July 5, 2026.”
The naira on Friday depreciated to N1,397 per dollar in the parallel market from N1,390 per dollar on Thursday.
Likewise, the naira depreciated to N1,365 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the market rose to N1,365 per dollar from N1,359.75 per dollar on Thursday, reflecting N5.25 depreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N32 per dollar from N30.25 per dollar on Thursday.
The turnover in the interbank foreign exchange market recorded its fourth daily decline by 42.5 per cent to $73.6 million from $128.2 million on Thursday.
This week, the naira strengthened by N1 per dollar in the official market, with turnover in the interbank foreign exchange market climbing to N683.2 million, representing a 76.7 per cent rise compared to N386.54 million recorded the previous week.
However, the local currency weakened in the parallel by N2 against the greenback.
The Nigerian naira maintained a relatively stable performance against the United States dollar at both the official and parallel foreign exchange markets as traders monitored liquidity conditions and demand pressures.
Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) showed the naira trading around ₦1,361 to the dollar, reflecting a largely steady trend compared to recent sessions. The most recent NFEM rate published by the apex bank stood at approximately ₦1,361.05/$, while trading during the week remained within the ₦1,359–₦1,365 range.
Market data from recent official trading sessions also indicated that the naira had strengthened modestly in early June, supported by improved foreign exchange supply and sustained interventions aimed at enhancing market liquidity.
At the parallel market, commonly referred to as the black market, the dollar traded at between ₦1,390 and ₦1,405 on Friday, depending on location and transaction size. Several market trackers reported buying rates around ₦1,380–₦1,395 and selling rates between ₦1,393 and ₦1,405 per dollar.
The gap between the official and parallel market rates remained relatively narrow compared with previous months, reflecting ongoing efforts to improve transparency and liquidity in the foreign exchange market.
Currency dealers said market participants continue to watch foreign portfolio inflows, crude oil earnings, and Central Bank policies, all of which remain key factors influencing the naira’s direction in the coming weeks.
As of June 5, 2026, the dollar exchanged at about ₦1,361 in the official NFEM market, while parallel market transactions ranged from approximately ₦1,390 to ₦1,405 per dollar.
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