The Federal Executive Council (FEC), presided over by President Bola Tinubu, on Monday approved a new policy framework tagged “Renewed Hope Nigeria First Policy,” aimed at strengthening Nigeria’s domestic economy, prioritising local industry, and boosting the country’s industrial transformation.
This is similar to U.S. President Donald Trump’s “America First” doctrine, which is directly reflected in its official foreign policy documents and actions. The core intention is to prioritise U.S. national interests above global commitments, negotiating trade deals that benefit Americans.
In summary, the authoritative direction of Trump’s foreign policy is to protect national security and economic interests through military strength and tough trade negotiations, reflecting the logic and intention of “America First.”
Briefing newsmen after the meeting, the Minister of Information and National Orientation, Mohammed Idris, described the policy as a major shift in the country’s economic approach.
Specifically, the policy focuses on accelerating industrialisation, promoting manufacturing, and leveraging digital technology to enhance local production and reduce reliance on raw material exports.
Key elements of the policy include targeted funding for small-scale entrepreneurs and micro, small, and medium enterprises (MSMEs), including ₦50 billion in grants and ₦75 billion for MSMEs and manufacturing through the Bank of Industry.
The policy also emphasises supporting the domestic textile industry, increasing local capacity in sugar production through the Backward Integration Programme, and encouraging local vehicle assembly. Additionally, it focuses on reducing Nigeria’s reliance on raw material exports.
The policy aligns with Nigeria’s broader industrial development goals, including the Nigeria Industrial Revolution Plan, which aims to significantly increase manufacturing’s contribution to GDP and create jobs by boosting local production and industrial capacity.
Overall, the “Nigeria First” policy represents a strategic effort to foster sustainable economic growth by prioritising local industry, innovation, and value addition within Nigeria’s economy.
Explaining further, the Minister said that the policy places Nigeria at the centre of all public procurement and business activity, with a strong emphasis on empowering local industries and reducing dependency on foreign imports.
“This policy seeks to foster a new business culture that is bold, confident, and very Nigerian,” Idris said.
“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 minister disclosed that the Attorney General of the Federation has been directed to draft an Executive Order to give full legal effect to the new framework.
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.
According to Idris, the following decisions were approved by the Council and 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.
“We continue to import sugar despite the existence of the Nigerian Sugar Council and several local producers. This policy will change that,” he said.
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.
FEC also approved Nigeria’s subscription of 50 shares valued at \$5 million in the Asian Infrastructure Investment Bank (AIIB), after ratifying the nation’s membership of the multilateral institution.
Specifically, Nigeria’s membership of the AIIB has grown the number of African countries in the Bank to 20, including 11 full members and nine prospective members.
AIIB approved Nigeria’s membership of the Multilateral Development Bank in 2021 at its sixth annual meeting, an action that needed the ratification of the nation’s highest policy-making body, FEC.
Reports indicate that AIIB’s approved African members are responsible for over 60 per cent of the continent’s gross domestic product and represent over 46 per cent of Africa’s population.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also briefed newsmen after the cabinet’s closed-door meeting, said that President Tinubu approved Nigeria’s subscription of 50 shares at an earning power value of \$100,000 per share, in the multilateral investment bank.
“You have 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,” the Finance Minister said.
It is a major requirement by the AIIB that once admitted, prospective members are expected to complete the required membership procedures and deposit the first capital instalment with the Bank.
With the full ratification of membership of the AIIB, Nigeria stands a good chance to benefit from a broad plan by the bank, which recently announced it would allocate \$1 billion to projects across Africa aimed at enhancing connectivity and stimulating growth.
