President Bola Ahmed Tinubu’s bold move to ban the purchase of foreign goods by government institutions has sparked strong support from key economic stakeholders, who say the policy could supercharge local industry, slash imports, and revive Nigeria’s ailing economy.
The new directive, dubbed the “Nigeria First Policy”, was approved at Monday’s Federal Executive Council meeting at the Presidential Villa.
According to the directive, all ministries, departments, and agencies (MDAs) to procure only locally made goods and services.
This is geared towards cutting Nigeria’s N16.6 trillion import bill, shore up the naira, and accelerate industrialization.
Minister of Information Mohammed Idris, who announced the policy, added that an Executive Order is being drafted to give it legal backing. “This will be the cornerstone of our economic strategy,” he declared.
Dangote, Innoson Among Likely Big Winners
The policy is seen as a lifeline for local manufacturers like Dangote Refinery, Innoson Motors, and indigenous furniture makers, who have long struggled to compete with foreign imports.
“No More Excuses” — CPPE Demands Full Implementation
CEO of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf praised the policy but warned against lip service. “We’ve had similar policies that weren’t implemented. This must be different,” he said.
Yusuf called for a broader scope, urging bans on foreign services too like IT, creative design, and consulting where Nigerian talent is already thriving.
He maintained that the ripple effects of the policy could include job creation, forex savings, and GDP growth.
“We shouldn’t be importing furniture, uniforms, or generic drugs anymore,” he said. “We produce enough locally.”
“Game-Changer” for the Economy — Capital Management Boss
Gbolade Idakolo, CEO of SD & D Capital Management, called the policy a potential game-changer.
“This will reduce the naira’s pressure and improve our balance of trade. We saw a rare trade surplus in 2024. This policy can make that the norm,” he said.
“Best News in 65 Years” — PETROAN Chief
Billy Gillis-Harry, national president of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), went further, calling the policy “the best news I’ve heard in 65 years.”
He urged nationwide commitment: “Let this be enforced from the presidency to the grassroots. With this policy, Nigeria can rise to become a world power.”
