In a bold move to reshape Nigeria’s economic landscape, President Bola Ahmed Tinubu announced the groundbreaking “Nigeria First Policy” during the latest Federal Executive Council meeting. Described as a transformative initiative, the policy aims to prioritize local content, stimulate Nigerian industries, and foster national pride, heralding “a new era of local enterprise, self-belief, and economic sovereignty.”
A Vision for Economic Reform
Addressing council members, President Tinubu acknowledged the progress made in structural economic reforms, including an improved business climate, the removal of costly subsidies, and significant infrastructure investments. These efforts have yielded tangible results: rising foreign reserves, increased oil production, renewed investor confidence, and multi-billion-dollar commitments from global giants like Shell, Total, ExxonMobil, and SALIC.
Agriculture remains a cornerstone of the administration’s agenda, with a renewed focus on food security, economic growth, and poverty alleviation. The National Sugar Master Plan II, launched in 2024, exemplifies this commitment, aiming to boost domestic raw sugar production and reduce reliance on imports through rigorous backward integration and disciplined implementation.
Addressing Private Sector Challenges
Despite these reforms, President Tinubu highlighted a critical gap: the private sector’s failure to fully capitalize on the opportunities created. He attributed this to an entrenched system that prioritizes dealmaking over genuine investment, often funneling public funds to intermediaries who export value rather than create it. “We must end this,” he declared, calling for a new business culture that is “bold, confident, and Nigerian.”
Core Directives of the Nigeria First Policy
The “Nigeria First Policy” sets a clear mandate to prioritize Nigerian industries in all government procurement processes, ensuring that public spending drives local production and capacity building. Key directives include:
To the Bureau of Public Procurement (BPP):
Revise procurement guidelines to prioritize locally made goods and homegrown solutions.
Establish a “Local Content Compliance Framework” for all government procurements.
Maintain a register of high-quality Nigerian manufacturers and service providers.
Revert deployment of procurement officers to BPP to enhance efficiency.
To All Ministries, Departments, and Agencies (MDAs):
Prohibit procurement of foreign goods or services available locally without justification and a written waiver from BPP.
Ensure contracts with no viable local options include provisions for technology transfer, local production, or skills development (e.g., aligning Sugar Master Plan quota allocations with backward integration investments).
Conduct immediate audits of procurement plans to align with these directives.
Enforce sanctions, including contract cancellations and disciplinary actions, for non-compliance.
A Call for National Commitment
President Tinubu emphasized that the policy is not merely a slogan but a national commitment to “make what we use and use what we make.” By prioritizing local industries, the government aims to create jobs, build capacity, and reduce dependence on imports, positioning Nigeria as a self-reliant economic powerhouse.
A New Era for Nigeria
The “Nigeria First Policy” marks a pivotal moment in Nigeria’s economic journey. With a clear focus on local enterprise and national pride, President Tinubu’s vision sets the stage for a reinvigorated industrial sector and a more prosperous future for all Nigerians.
Quote of the Day:
“Let this day mark the beginning of a new era of local enterprise, self-belief, and national pride.” – President Bola Ahmed Tinubu, GCFR
A Vision for Economic Reform
Addressing council members, President Tinubu acknowledged the progress made in structural economic reforms, including an improved business climate, the removal of costly subsidies, and significant infrastructure investments. These efforts have yielded tangible results: rising foreign reserves, increased oil production, renewed investor confidence, and multi-billion-dollar commitments from global giants like Shell, Total, ExxonMobil, and SALIC.
Agriculture remains a cornerstone of the administration’s agenda, with a renewed focus on food security, economic growth, and poverty alleviation. The National Sugar Master Plan II, launched in 2024, exemplifies this commitment, aiming to boost domestic raw sugar production and reduce reliance on imports through rigorous backward integration and disciplined implementation.
Addressing Private Sector Challenges
Despite these reforms, President Tinubu highlighted a critical gap: the private sector’s failure to fully capitalize on the opportunities created. He attributed this to an entrenched system that prioritizes dealmaking over genuine investment, often funneling public funds to intermediaries who export value rather than create it. “We must end this,” he declared, calling for a new business culture that is “bold, confident, and Nigerian.”
Core Directives of the Nigeria First Policy
The “Nigeria First Policy” sets a clear mandate to prioritize Nigerian industries in all government procurement processes, ensuring that public spending drives local production and capacity building. Key directives include:
To the Bureau of Public Procurement (BPP):
Revise procurement guidelines to prioritize locally made goods and homegrown solutions.
Establish a “Local Content Compliance Framework” for all government procurements.
Maintain a register of high-quality Nigerian manufacturers and service providers.
Revert deployment of procurement officers to BPP to enhance efficiency.
To All Ministries, Departments, and Agencies (MDAs):
Prohibit procurement of foreign goods or services available locally without justification and a written waiver from BPP.
Ensure contracts with no viable local options include provisions for technology transfer, local production, or skills development (e.g., aligning Sugar Master Plan quota allocations with backward integration investments).
Conduct immediate audits of procurement plans to align with these directives.
Enforce sanctions, including contract cancellations and disciplinary actions, for non-compliance.
A Call for National Commitment
President Tinubu emphasized that the policy is not merely a slogan but a national commitment to “make what we use and use what we make.” By prioritizing local industries, the government aims to create jobs, build capacity, and reduce dependence on imports, positioning Nigeria as a self-reliant economic powerhouse.
A New Era for Nigeria
The “Nigeria First Policy” marks a pivotal moment in Nigeria’s economic journey. With a clear focus on local enterprise and national pride, President Tinubu’s vision sets the stage for a reinvigorated industrial sector and a more prosperous future for all Nigerians.
Quote of the Day:
“Let this day mark the beginning of a new era of local enterprise, self-belief, and national pride.” – President Bola Ahmed Tinubu, GCFR
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