Nigeria First: FEC Approves Tinubu’s Policy to Promote Local Industries

In a significant move to prioritize local industries and businesses, the Federal Executive Council (FEC) has approved the Renewed Hope Nigeria First Policy, an initiative spearheaded by President Bola Tinubu. The policy aims to ensure that Nigerians are at the heart of all business and economic activities within the country.

Following the FEC meeting on Monday, Minister of Information and National Orientation, Alhaji Mohammed Idris, addressed State House Correspondents, explaining that the policy’s central focus is to promote Nigerian industries by giving them precedence in government procurement and business activities.

“If local content is available, there is no reason to seek imports,” Idris declared. “The policy is designed to place Nigerians first in all business endeavors, from procurement to production.”

Idris went on to highlight that the policy is meant to reshape government expenditure and procurement systems to boost domestic industries, ensuring that Nigerian industries take priority in government contracts. When local supply is insufficient, the government will seek to build local capacity rather than relying on foreign goods.

He also pointed to the sugar industry as an example, emphasizing that despite the existence of the Nigerian Sugar Council, the country still imports large quantities of sugar. The Minister stressed that the president’s vision is to eliminate the importation of items that could be locally produced.

To implement the policy, the Bureau of Public Procurement (BPP) has been tasked with creating a local content compliance framework for all government procurements. The BPP will also maintain a register of high-quality Nigerian manufacturers and service providers regularly engaged by the federal government.

In an effort to further strengthen this policy, the BPP has been directed to deploy procurement officers from all ministries, departments, and agencies (MDAs) as the primary agency for procurement processes. Additionally, the Sugar Master Plan will now require participants to present clear plans for backward integration and local investment.

The Minister confirmed that all MDAs will conduct audits of their procurement plans, which will be revised to align with the new policy. Non-compliance will lead to severe penalties, including the cancellation of procurement processes and disciplinary actions against the officials responsible.

Idris concluded by underscoring that this policy marks the beginning of a new era for Nigeria’s industrial growth, national self-reliance, and a renewed sense of pride in local businesses. He emphasized that the Renewed Hope Nigeria First Policy is a call for Nigerians to invest in their own industries and reduce the dependency on foreign alternatives.