By our Reporter
As part of effort to boost Nigeria’s economy and reduce reliance on imports, President Bola Tinubu has unveiled the Renewed Hope Nigeria First Policy.
Approved by the Federal Executive Council (FEC), the policy mandates all government Ministries, Departments, and Agencies (MDAs) to prioritize local goods and services. Any MDA seeking foreign alternatives must obtain a written waiver from the Bureau of Public Procurement (BPP).
Minister of Information and National Orientation, Mohammed Idris, described the directive as “a bold shift in the country’s economic approach.” 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.”
The BPP will revise procurement rules, enforce local content compliance, and maintain a national database of qualified Nigerian suppliers. Procurement officers will now report directly to the BPP to reduce undue influence and ensure accountability. “No MDA will be allowed to procure foreign goods or services already available locally without a written waiver from the BPP,” Idris stressed. Where foreign contracts are necessary, they must include technology transfer, local production, or skills development.
He cited the sugar industry as an example: “We continue to import sugar despite the existence of the Nigerian Sugar Council and several local producers. This policy will change that.”
Meanwhile, Finance Minister Wale Edun announced Nigeria’s full membership in the Asian Infrastructure Investment Bank (AIIB), with 50 shares worth $5 million. He reaffirmed the administration’s commitment to reforms, saying they show “very, very encouraging signs” of economic recovery.
