To strengthen Nigeria’s domestic economy and promote local content, President Bola Tinubu, today, at the Federal Executive Council meeting, Tinubu approved ‘Nigeria First’ economic policy and banned the procurement of foreign goods produced locally.
Ministries, Departments and Agencies (MDAs) are banned from procuring foreign goods or services already available locally without a written waiver from the Bureau of Public Procurement (BPP).
The new policy, tagged the “Renewed Hope Nigeria First Policy”, seeks to foster a new business culture that is bold, confident, and very Nigerian.
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 promotes home grown products.
The Minister described the policy 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.”
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.
Also briefing, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that FEC approved Nigeria’s membership of 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 2021 to 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 a full-fledged 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, Mr. 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.
President Bola Ahmed Tinubu Unveils “Nigeria First Policy”
“This Policy Beckons a New Era of Local Content Enterprise, Self Belief and National Pride” Stimulating Nigerian Industry and Nigerians.
I begin by thanking you for your service to the Nigerian people. Though we have come far, much remains to restore our nation’s prosperity.
This administration’s defining achievement is the structural reform of our economy. We have improved the business climate, removed costly subsidies, and invested in infrastructure. These reforms are already yielding results: rising reserves, increased oil output, renewed investor confidence, and multi-billion-dollar commitments from firms like Shell, Total, ExxonMobil, and SALIC.
The government has also positioned agriculture at the forefront of the administration’s priorities; recognising its pivotal role in ensuring food security, stimulating economic growth and alleviating poverty.
Following the launch of the National Sugar Master Plan II in 2024, the sugar industry, for example, is now under close scrutiny to scale up backward integration, intensify implementation efforts, and maintain disciplined focus on achieving the plan’s objectives — most critically, a major increase in domestic raw sugar production and a significant reduction in imports.
Yet, the private sector has so far not been able to embrace the opportunities our reforms and initiatives have created.
A number of factors may be responsible, but the root of the challenge is turning around a system that rewards dealmaking over real investment. We must end this. Public funds should not enrich intermediaries who export value instead of creating it.
We must foster a new business culture — bold, confident, and Nigerian. Government must lead by example. We will invest in our people and our industries by changing how we spend, procure, and build.
Going forward, Nigerian industry will take precedence in all procurement. Where local supply falls short, contracts will be structured to build capacity here. Contractors will no longer serve as intermediaries sourcing foreign goods while local factories lie idle.
We will make what we use and use what we make — not as a slogan, but as a national commitment.
Accordingly:
1.To the Bureau of Public Procurement (BPP):
○Immediately revise and enforce procurement guidelines to prioritise locally made goods and homegrown solutions.
○ Create a “Local Content Compliance Framework” for all government procurements.
○ Maintain a register of high quality Nigerian manufacturers and service providers regularly engaged by the federal government.
○ Deployment of Procurement officers to all MDAs should be reverted to BPP as the line agency without jeopardising efficiency.
2.To all MDAs:
○No procurement of foreign goods or services already available locally shall proceed without justification and a written waiver from BPP.
○ Where no viable local option exists, contracts must include provisions for technology transfer, local production, or skills development (by way of example the provision of Quota Allocations under the Sugar Master Plan should take into consideration participants’ backward integration plans and investment in Nigeria and ensure compliance with the Master Plan).
○ Conduct an immediate audit of procurement plans and submit revised versions in line with these directives.
○ Breaches will attract sanctions, including cancellation of procurement and disciplinary action against responsible officers.
Let this day mark the beginning of a new era of local enterprise, self-belief, and national pride”.
-President Bola Ahmed Tinubu at the Federal Executive Council
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.
President Bola Ahmed Tinubu Unveils “Nigeria First Policy”
“This Policy Beckons a new era of local content enterprise, self belief and national Pride” Stimulating Nigerian Industry and Nigerians.
I begin by thanking you for your service to the Nigerian people. Though we have come far, much remains to restore our nation’s prosperity.
This administration’s defining achievement is the structural reform of our economy. We have improved the business climate, removed costly subsidies, and invested in infrastructure. These reforms are already yielding results: rising reserves, increased oil output, renewed investor confidence, and multi-billion-dollar commitments from firms like Shell, Total, ExxonMobil, and SALIC.
The government has also positioned agriculture at the forefront of the administration’s priorities; recognising its pivotal role in ensuring food security, stimulating economic growth and alleviating poverty.
Following the launch of the National Sugar Master Plan II in 2024, the sugar industry, for example, is now under close scrutiny to scale up backward integration, intensify implementation efforts, and maintain disciplined focus on achieving the plan’s objectives — most critically, a major increase in domestic raw sugar production and a significant reduction in imports.
Yet, the private sector has so far not been able to embrace the opportunities our reforms and initiatives have created.
A number of factors may be responsible, but the root of the challenge is turning around a system that rewards dealmaking over real investment. We must end this. Public funds should not enrich intermediaries who export value instead of creating it.
We must foster a new business culture — bold, confident, and Nigerian. Government must lead by example. We will invest in our people and our industries by changing how we spend, procure, and build.
Going forward, Nigerian industry will take precedence in all procurement. Where local supply falls short, contracts will be structured to build capacity here. Contractors will no longer serve as intermediaries sourcing foreign goods while local factories lie idle.
We will make what we use and use what we make — not as a slogan, but as a national commitment.
Accordingly:
1.To the Bureau of Public Procurement (BPP):
○Immediately revise and enforce procurement guidelines to prioritise locally made goods and homegrown solutions.
○ Create a “Local Content Compliance Framework” for all government procurements.
○ Maintain a register of high quality Nigerian manufacturers and service providers regularly engaged by the federal government.
○ Deployment of Procurement officers to all MDAs should be reverted to BPP as the line agency without jeopardising efficiency.
2.To all MDAs:
○No procurement of foreign goods or services already available locally shall proceed without justification and a written waiver from BPP.
○ Where no viable local option exists, contracts must include provisions for technology transfer, local production, or skills development (by way of example the provision of Quota Allocations under the Sugar Master Plan should take into consideration participants’ backward integration plans and investment in Nigeria and ensure compliance with the Master Plan).
○ Conduct an immediate audit of procurement plans and submit revised versions in line with these directives.
○ Breaches will attract sanctions, including cancellation of procurement and disciplinary action against responsible officers.
Let this day mark the beginning of a new era of local enterprise, self-belief, and national pride”.
-President Bola Ahmed Tinubu at the Federal Executive Council
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.
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