IN a bid to strengthen Nigeria?s domestic economy and promote local content, President Bola Tinubu has initiated a policy that bars the Ministries, Departments and Agencies, MDAs, from procuring foreign goods or services already available locally without a written waiver from the Bureau of Public Procurement, BPP.

This is as the Federal Executive Council, FEC, on Monday, gave its approval to the new policy framework that places the country 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 new policy tagged the Renewed Hope Nigeria First Policy, seeks to foster a new business culture that is bold, confident, and very Nigeria

Briefing State House correspondents at the end of the fifth cabinet meeting in 2025, presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Information and National Orientation, Mohammed Idris, explained that the new policy is to ensure that the country promote the home grown products.

The Minister described the policy as a bold shift in the country?s economic approach.

It mirrors U.S. President Donald Trump?s ?America First? doctrine.

He said: ?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.?

Executive order coming?

Idris said that the Attorney General of the Federation, AGF, and Minister of Justice, has been directed to draft an Executive Order to give full legal effect to the new framework.

According to him: ?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.?

He enumerated the decisions that were approved by the Council which will be enforced immediately

?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.

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.?

The minister cited Nigeria?s sugar industry as an example of local capacity being neglected.

He said: ?We continue to import sugar despite the existence of the Nigerian Sugar Council and several local producers. This policy will change that.?

He added that moving forward, ?Contractors will no longer be mere intermediaries sourcing foreign goods while Nigerian factories lie idle. Government money must now work for the Nigerian people.?

The Nigeria First policy comes amid economic reforms being pushed by the Tinubu administration, including subsidy removals, a new foreign exchange regime, and efforts to restore investor confidence.

By making local content central to government spending, the administration hopes to drive job creation, industrial growth, and sustainable economic development.

While the policy will likely face implementation challenges and resistance from entrenched procurement interests, officials say the administration is determined to enforce compliance at all levels.

?This is a major shift in government policy. It puts Nigeria ? not foreign companies, not imports ? at the heart of our national development,? the minister said.

The Renewed Hope Nigeria First Policy is expected to take effect as soon as the Executive Order is signed by President Tinubu.

Asian Infrastructure Investment Bank

Also briefing, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that FEC approved Nigeria?s membership to the Asian Infrastructure Investment Bank as a non-regional member.

He said it was clearly Asia headquartered members from Asia, but they do have members from other regions, adding that Nigeria was invited around 2021to become a member.

He said: ?We completed that formal legal and administrative process, including payment for the shares. We?ve concluded that process now, and we are full fledging member of Asian Infrastructure Investment Bank.

?Of course, it is set up to promote infrastructure development and genuine sustained economic growth in all its members.

?More broadly today, His Excellency, Mister President, did, as usual, express continued determination and commitment to the ongoing macro economic reforms, which, as he rightly said, have shown signs, very, very encouraging signs of the economy, turning the corner.?

He explained that Nigeria has 50 shares, at an earning power value of $100, 000 a share., totalling $5 million.

?The approval was that we should subscribe up to 50 shares of the capital stock within AIIB,? he said. (Vanguard)

Update news