FEC approves Renewed Hope Nigeria First policy to boost local industries

The Federal Executive Council (FEC) has approved the Renewed Hope Nigeria First Policy, an initiative by President Bola Tinubu aimed at placing Nigerians at the heart of all business and economic activities in the country.

Minister of Information and National Orientation, Alhaji Mohammed Idris, disclosed this to State House Correspondents after the FEC meeting on Monday.

“If there are any businesses to be done by anybody, the priority will be Nigerians first. If you have local content, there is no reason to go outside this country to import,” Idris said.

According to him, the policy is designed to encourage investment in Nigerian people and industries by reshaping how government spends, procures, and builds the economy.

“Going forward, Nigerian industries will take precedence in all procurement processes.

“Where local supply falls short, contracts will be structured to build capacity domestically.

“Contractors will no longer act as intermediaries sourcing foreign goods while local factories remain idle,” the minister added.

He cited the sugar industry as an example, noting that in spite the existence of the Nigerian Sugar Council, “the country still imports significant quantities of sugar.”

He said that the president was determined to halt the importation of commodities that could be produced locally.

The bureau was also directed to create a local content compliance framework for all government procurements.

The Minister said BPP was also directed to maintain a register of high quality Nigerian manufacturers and service providers regularly engaged by the Federal Government.

The minister said BPP was also directed to maintain a register of high quality Nigerian manufacturers and service providers regularly engaged by the federal government.

Similarly, he said the BPP was directed to deploy all procurement officers from ministries, departments and agencies (MDAs) to BPP as a first line agency.

Idris noted that quota allocations under the Sugar Master Plan must now consider each participant’s backward integration plans and investment in Nigeria, with strict compliance required.

He explained that all MDAs had been directed to immediately audit their procurement plans and submit revised versions in line with the new policy.

“Non-compliance will attract sanctions, including the cancellation of procurement processes and disciplinary actions against responsible officers.”

Idris emphasised that Tinubu believed the policy would mark the beginning of an era of industrial growth, national self-reliance, and pride in local enterprise.

“This policy is about generating national pride, believing in ourselves, and enhancing our capacity to produce goods and services without relying on foreign alternatives,” he said.