In a bold move to prioritize local content and strengthen Nigeria’s economy, President Bola Tinubu has introduced a sweeping new policy that bans all government Ministries, Departments, and Agencies (MDAs) from purchasing foreign goods or services that can be sourced locally—unless a special waiver is granted.
The Federal Executive Council approved the “Renewed Hope Nigeria First Policy”, aimed at reducing Nigeria’s dependence on imports, promoting homegrown industries, and creating jobs.
Announcing the policy, Minister of Information and National Orientation, Mohammed Idris, said it signals “a new business culture that is bold, confident, and very Nigerian.”
“Government money must now work for the Nigerian people,” he stated.
Key directives include:
- All MDAs must prioritize Nigerian-made goods and services.
- Procurement officers will be moved back under the Bureau of Public Procurement (BPP) to enforce compliance.
- No foreign procurement will be allowed without a BPP waiver.
- Where foreign vendors are unavoidable, contracts must include provisions for technology transfer, local production, or capacity development.
- Updated procurement plans must be submitted to align with the new policy—or risk cancellation and disciplinary action.
The government cited industries like sugar as examples of underutilized local potential. “Despite local producers, we still import sugar,” the Minister said. “That will now change.”
An Executive Order is expected to be signed soon, giving the policy full legal backing.
Meanwhile, the FEC also approved Nigeria’s full membership in the Asian Infrastructure Investment Bank (AIIB), a move aimed at expanding access to infrastructure funding. Nigeria will hold 50 shares in the bank, worth $5 million in capital stock.
As Nigeria continues macroeconomic reforms, the administration is signaling a firm shift toward self-reliance, job creation, and long-term sustainability.