In a bid to boost Nigeria’s local economy and reduce dependency on foreign imports, President Bola Tinubu has announced a new policy barring Ministries, Departments, and Agencies (MDAs) from procuring foreign goods or services already available locally. The new policy, dubbed the Renewed Hope Nigeria First Policy, was approved by the Federal Executive Council (FEC) on Monday.
Under the policy, any MDAs wishing to procure foreign goods or services that are locally available must obtain a written waiver from the Bureau of Public Procurement (BPP). The policy aims to empower Nigerian industries and reduce reliance on imports, thereby fostering economic growth and job creation.
“The Nigeria First policy is expected to become the cornerstone of the administration’s economic strategy,” said Mohammed Idris, Minister of Information and National Orientation. He emphasized that the policy aims to change the way the government spends, procures, and invests, directly benefiting Nigerian industries.
The BPP will play a central role in enforcing the new policy by revising procurement rules and maintaining a database of quality local suppliers. Additionally, the government will ensure that foreign contracts include provisions for technology transfer, local production, or capacity development in Nigeria.
The policy comes as part of a broader push by the Tinubu administration to drive industrialization and reduce imports, with the hope that it will lead to sustainable economic development.
While the policy is seen as a significant shift, officials expect challenges in its implementation. Nonetheless, the government is committed to enforcing compliance, aiming to make Nigeria the focus of its own public procurement and business activities.
This move follows other economic reforms by the government, such as the removal of fuel subsidies and the introduction of a new foreign exchange regime, all aimed at boosting investor confidence and economic stability.
