President Bola Ahmed Tinubu’s decision to ban the procurement of foreign goods and services by government ministries and agencies has drawn widespread support from key stakeholders in Nigeria’s economic and business sectors. The policy, which is expected to give a significant boost to indigenous companies such as Dangote Refinery and Innoson Motors, was adopted at the Federal Executive Council (FEC) meeting held at the Presidential Villa on Monday.
The Federal Government, through the Minister of Information and National Orientation, Mohammed Idris, announced that the initiative — tagged the “Nigeria First Policy” — is aimed at revitalizing the national economy by promoting patronage of locally manufactured goods and services.
Speaking to journalists after the meeting, Idris explained that the Nigeria First Policy will form the bedrock of the Tinubu administration’s economic reform strategy. “This 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 stated.
To provide legal backing, the Attorney General of the Federation has been directed to draft an Executive Order, which will enforce the policy across all federal ministries, departments, and agencies (MDAs).
With Nigeria’s import bill standing at a staggering N16.6 trillion in Q4 of 2024, the new policy seeks to drastically reduce dependency on foreign goods while empowering domestic manufacturers and producers. Companies like Dangote Group, Innoson Vehicle Manufacturing (IVM), and other local industries stand to benefit significantly from this government directive.
CPPE Boss Urges Broader Implementation
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), lauded the move and urged both the federal and state governments to commit fully to the policy’s implementation. According to him, the economic implications of such a ban could be transformational if executed efficiently.
“One of the ways we can help revitalise the economy is by prioritising what is made domestically,” Yusuf told DAILY POST. “It helps boost Nigeria’s gross domestic product, creates more jobs, and helps conserve foreign exchange. The benefits are massive.”
He also emphasized the need for the policy to extend beyond goods to include services. “We often overlook service imports, but we’re talking about annual figures as high as $10–$15 billion. That’s money we could be channeling into our own tech startups, creative industries, and professionals in IT, software development, and advertising,” he said.
Yusuf stressed that locally produced items — from furniture to pharmaceutical products — should be prioritized. “There’s no justification for importing furniture or generic pharmaceuticals when we have the capacity to produce them locally,” he noted. “However, implementation is key. We’ve had similar policies before that failed due to lack of follow-through.”
Policy Will Strengthen Naira, Promote Trade Surplus — Idakolo
Gbolade Idakolo, CEO of SD & D Capital Management, expressed optimism that the Nigeria First Policy could catalyze the nation’s economic revival. He pointed out that reducing reliance on imports would ease pressure on the naira and strengthen foreign reserves.
“This policy is expected to yield positive results because it will strengthen local production and reduce importation of foreign goods, thereby reducing the strain on the naira,” Idakolo said. “The country will retain more foreign currency that would have otherwise been used for imports.”
He referenced Nigeria’s recent trade performance as a sign of progress. “In 2024, Nigeria recorded a trade surplus for the first time in a decade. This was primarily due to reduced imports and an uptick in locally manufactured exports. With this policy, that trend can continue and improve.”
According to Idakolo, effective implementation of the ban could ultimately turn Nigeria’s economy around. “This is a game changer. It could help stabilize the currency and push us toward long-term economic self-reliance,” he added.
Gillis-Harry: ‘This Is the Best News I’ve Heard in 65 Years’
Backing the policy with high praise, Billy Gillis-Harry, Chairman of the Board of Trustees of the Coalition of South-South Chambers of Commerce and National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), called the announcement a historic turning point.
“This is the best news I have heard in my 65 years of being in Nigeria,” he declared. “I wholeheartedly endorse this initiative both as the chairman of the South-South Chambers of Commerce and as PETROAN’s national president.”
Gillis-Harry called for strict adherence to the policy from the highest levels of government down to individual citizens. “Let’s have the courage to make sure that this is obeyed from top to bottom — from the presidency to the least Nigerian. Sacrifices need to be made for Nigeria to get out of its current economic quagmire.”
He also predicted a brighter future for Nigeria if the policy is taken seriously. “Nigeria will be a world power starting from this policy. This is the foundational step toward economic sovereignty,” he said.
Experts Urge Vigilance and Consistency
While the policy has been met with enthusiasm, stakeholders caution that its success will depend heavily on political will and consistency in enforcement. Experts stress the importance of avoiding the pitfalls of previous similar initiatives that were poorly executed or abandoned midway.
With the International Monetary Fund recently placing Nigeria’s GDP at $253 billion — behind Algeria, Egypt, and South Africa — the pressure is on the Tinubu administration to deliver on its economic promises.
If effectively implemented, the Nigeria First Policy could reposition the country as a self-reliant industrial hub and elevate millions out of poverty by empowering local enterprises.
