FEC Approves ‘Nigeria First’ Economic Policy to Boost Local Production
The Federal Executive Council (FEC) has approved a new ‘Nigeria First’ economic policy, designed to prioritise the use of locally manufactured goods and services in all government procurement processes. The move is part of President Bola Tinubu’s broader agenda to drive industrialisation, shield the economy from external shocks, and strengthen domestic production capacity.
Announcing the policy at the State House on Monday, the Minister of Information and National Orientation, Mohammed Idris, said it would soon be formalised through an executive order. He explained that under the new policy:
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“No foreign goods or devices that are already being produced locally will be procured without a clear and justified reason.”
Key Highlights of the Policy:
- Government Procurement Shift: All Ministries, Departments, and Agencies (MDAs) must give preference to Nigerian-made products and services.
- Local Industry Priority: Where local capacity is insufficient, contracts will be structured to develop domestic capacity rather than outsource to foreign intermediaries.
- Procurement Reform: The Bureau of Public Procurement (BPP) has been directed to:
- Revise and enforce procurement guidelines that favour local manufacturers.
- Establish a local content compliance framework for all government purchases.
- Create a register of qualified Nigerian manufacturers and service providers.
- Reassign procurement officers in MDAs back to the BPP to improve accountability and efficiency.
Strategic Goals:
- Encourage economic self-reliance.
- Revive struggling local industries.
- Create jobs and retain value within Nigeria.
- Reduce the country’s dependence on imported goods.
Minister Idris said the policy is about creating a “bold, confident, and very Nigerian” business culture and ensuring that public funds are used to empower local industries.
