The Federal Executive Council (FEC), presided over by President Bola Tinubu has approved a new policy framework tagged the Renewed Hope Nigeria First Policy aimed at strengthening Nigeria’s domestic economy and prioritizing Nigerian goods, services when spending public funds.
Briefing State House correspondents after the meeting on Monday, Minister of Information and National Orientation, Mohammed Idris, described the policy as a bold shift in the country’s economic approach as it puts Nigeria at the centre of every kobo the government is spending.
“This policy seeks to foster a new business culture that is bold, confident, and very Nigerian. It aims at making government investment directly benefit our people and industries by changing how we spend, how we procure, and how we build our economy” he added.
He said the policy places Nigeria at the center of all public procurement and business activity, with a strong emphasis on empowering local industries and reducing dependency on foreign imports.
“It aims at making government investment directly benefit our people and industries by changing how we spend, how we procure, and how we build our economy.”
The minister disclosed that the Attorney General of the Federation has been directed to draft an Executive Order to give full legal effect to the new framework. He said that the Order will be issued within days.
He said the policy places Nigeria at the center of all public procurement and business activity, with a strong emphasis on empowering local industries and reducing dependency on foreign imports.
The Nigeria First policy is expected to become the cornerstone of the administration’s economic strategy, especially as the government pushes forward with its industrialisation agenda and import-substitution goals.
According to Idris, Council ordered that The Bureau of Public Procurement (BPP) is to revise and enforce procurement rules that prioritise Nigerian-made goods and homegrown solutions across all Ministries, Departments, and Agencies (MDAs).
The BPP will create a comprehensive compliance mechanism to ensure all government procurements adhere to local content requirements.
A regularly updated database of high-quality Nigerian suppliers will be maintained by the BPP and used as a reference for all procurement decisions.
He said that procurement officers currently deployed to various MDAs will be reverted to the BPP to ensure compliance and reduce undue influence or corruption.
“No MDA will be allowed to procure foreign goods or services already available locally without a written waiver from the BPP.
“Where foreign contracts are unavoidable, they must include provisions for technology transfer, local production, or capacity development in Nigeria.
“All MDAs are to immediately review and resubmit their procurement plans to align with the new policy directives. Breaches will result in disciplinary action and possible cancellation of the procurement process” he said.
