In a major move to boost Nigeria’s economy and support local industries, President Bola Ahmed Tinubu has unveiled the “Renewed Hope Nigeria First Policy”, which bars government Ministries, Departments, and Agencies (MDAs) from purchasing foreign goods or services that are available locally — unless granted a written waiver by the Bureau of Public Procurement (BPP).
The new local content policy was approved by the Federal Executive Council (FEC) on Monday, signaling a bold shift in Nigeria’s economic strategy aimed at reducing reliance on imports, encouraging industrialisation, and creating jobs.
Speaking after the FEC meeting, the Minister of Information and National Orientation, Mohammed Idris, said:
“This policy seeks to foster a new business culture that is bold, confident, and very Nigerian. Government investments must now directly benefit our people and industries.”
Highlights of the Nigeria First Policy include:
- Strict enforcement of procurement rules that prioritize Nigerian-made products.
- A national database of local suppliers to guide all government contracts.
- Reassignment of procurement officers to BPP to limit corruption and enhance compliance.
- Mandatory technology transfer or local capacity development for unavoidable foreign contracts.
- Immediate review of all MDAs’ procurement plans to align with the new directives.
- Sanctions for any breaches, including possible cancellation of contracts.
The Minister also cited examples like Nigeria’s underutilized sugar industry, stressing that such neglect of local capacity will no longer be tolerated.
“Contractors will no longer be middlemen importing goods while Nigerian factories remain idle. Government money must now work for Nigerians.”
In addition, the Attorney General of the Federation has been directed to draft an Executive Order to give legal backing to the policy, which is expected to take full effect once signed by President Tinubu.
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The policy echoes similar nationalistic economic strategies, like Donald Trump’s “America First” plan, but tailored to Nigeria’s industrialisation and import-substitution goals.
Meanwhile, the Minister of Finance, Wale Edun, also revealed that Nigeria has now become a full member of the Asian Infrastructure Investment Bank (AIIB), subscribing to 50 shares valued at $5 million. This development aims to further bolster infrastructure growth across the country.
Stay updated with Naija Blog Daily for more on Tinubu’s economic reforms, local business news, and key policy updates.
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