President Tinubu’s new policy mandates Nigerian government agencies to prioritize locally produced goods and services. Ministries, Departments, and Agencies (MDAs) are prohibited from procuring foreign goods or services if comparable local options exist, unless explicitly authorized by the Bureau of Public Procurement (BPP). The Federal Executive Council (FEC) approved this framework, designed to bolster Nigeria’s domestic economy, promote local industries, and reduce reliance on imports.
To strengthen Nigeria’s economy and promote local content, President Bola Tinubu has implemented the “Renewed Hope Nigeria First Policy.” This policy, approved by the Federal Executive Council, prohibits government ministries, departments, and agencies (MDAs) from buying foreign goods or services that are already available locally, unless they receive a written waiver from the Bureau of Public Procurement (BPP). This framework prioritizes Nigerian businesses in public procurement, aiming to reduce reliance on imports and foster a confident, Nigeria-centric business culture.
According to Idris, the Attorney General of the Federation has been directed to draft an Executive Order to formalize the “Nigeria First policy,” a cornerstone of the administration’s economic strategy focused on industrialization and import substitution. The policy will be immediately enforced through several measures approved by the Federal Executive Council. These include the Bureau of Public Procurement (BPP) revising and enforcing rules prioritizing Nigerian goods and solutions, establishing a compliance mechanism, maintaining a database of local suppliers, and recalling procurement officers to the BPP. Importantly, MDAs are now prohibited from procuring foreign goods or services available locally without a BPP waiver, and unavoidable foreign contracts must include technology transfer or local development clauses. MDAs must also review and resubmit procurement plans, with breaches leading to disciplinary action.
Citing the sugar industry as an example of overlooked local capacity, the minister announced a fundamental shift with the “Nigeria First policy.” He declared an end to the practice of importing sugar despite local producers and stated that contractors will no longer act as intermediaries for foreign goods while Nigerian factories remain idle. Instead, government funds will now directly benefit the Nigerian people. This policy aligns with the Tinubu administration’s ongoing economic reforms, including subsidy removals and a new foreign exchange regime, and seeks to boost job creation and industrial growth by prioritizing local content in government spending. While acknowledging potential implementation hurdles and resistance from established procurement interests, officials assert the administration’s determination to ensure compliance at all levels, calling it a significant policy redirection that centers Nigeria in its national development. The policy is set to become effective upon President Tinubu’s signing of the Executive Order.
Briefing alongside, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reported that FEC has approved Nigeria’s membership in the Asian Infrastructure Investment Bank (AIIB) as a non-regional member. He clarified that while the bank is primarily Asia-based, it welcomes members from other regions, and Nigeria was invited to join in 2021. Edun confirmed the completion of the formal legal and administrative procedures, including the payment for 50 shares valued at $100,000 each, totaling $5 million, making Nigeria a full member. He emphasized the AIIB’s core objective of promoting infrastructure development and sustained economic growth for its members. Edun also mentioned President Tinubu’s unwavering commitment to the ongoing macroeconomic reforms, which are demonstrating promising signs of economic recovery.