Nigeria backs local industry with new 'Nigeria First' policy
Nigeria has introduced a new policy that prioritises locally made goods and services as far as public spending is concerned.
This move is aimed at boosting domestic industry and reducing reliance on imports.
The Federal Executive Council approved the "Nigeria First Policy" on May 5.
The plan requires all government ministries and agencies to prioritise Nigerian products and services in their contracts.
Any government agency that wants to import goods that are already available locally will now need official permission to do so.
The Minister of Information, Mohammed Idris, said the move aims to strengthen local industries and reduce reliance on imports.
"No procurement of foreign goods or services already available locally shall proceed without justification," he said.
If a product or service is not available in Nigeria, contracts must now include measures to support local development.
These include technology transfer, skills training or plans to start producing the item in Nigeria. The government hopes this will help grow industries across the country.
Officials say all government departments must review their current spending plans and revise them to fit the new rules.
Departments that break the new policy could face serious penalties, including cancelled contracts and action against responsible staff.
To make the change official, the Attorney General has been asked to prepare an Executive Order for President Bola Tinubu to sign.
The government also plans to create a register of trusted Nigerian suppliers and train procurement officers to follow the new rules.
The minister said the new policy marks a turning point in how Nigeria handles its public spending.
President Tinubu's government believes the change will encourage a new mindset in the country that favours local innovation and supports Nigerian businesses.
