Experts last night expressed optimism about the major policy shift prioritising Nigerian businesses, goods, and services in all government-related economic activities.
The new approach, approved by the Federal Executive Council (FEC), was announced yesterday by the Minister of Information and National Orientation, Mohammed Idris.
Speaking to reporters at Aso Villa after the FEC meeting, Idris said: “This new direction places Nigeria, not foreign companies or imports, at the centre of our national development strategy.
“It seeks to foster a new business culture that is bold, confident, and unapologetically Nigerian.”
He quoted President Bola Ahmed Tinubu as saying: “We must start producing what we consume and end importation of what we have.”
They experts said the new policy would have considerable multiplier effects on several facets of the economy, including employment creation, foreign exchange accretion and stability, general economic growth and social stability, among others. (See box)
According to Idris, the Nigeria First policy will be implemented through an executive order being prepared by the Office of the Attorney-General of the Federation.
The policy is designed to overhaul how the Federal Government spends public funds, especially in procurement and contract awards.
Under the new policy, all ministries, departments and agencies (MDAs) must prioritise locally-made goods and services in their procurement processes.
“Non-compliance will attract sanctions, including the cancellation of procurement processes and disciplinary actions against responsible officers,” Idris said.
Sourcing foreign alternatives for products or services already available in Nigeria will now require written justification and a formal waiver from the Bureau of Public Procurement (BPP).
