Stakeholders have shown support for President Bola Tinubu’s latest decision to stop the purchase of foreign goods by government offices, saying it could help local companies like Dangote Refinery and Innoson Motors grow stronger. This new direction came after a federal executive council meeting led by the president at the villa in Abuja. The Minister of Information and National Orientation, Mohammed Idris, said this decision is part of the Nigeria First Policy, which encourages support for local products and services to grow the economy.
According to the Daily Post, May 6 report, the minister stated that the Attorney General has been asked to prepare an Executive Order to support the policy. With this plan, companies producing things like petroleum, vehicles, sugar, and even furniture in Nigeria are expected to benefit. The goal is to lower how much Nigeria spends on foreign items, which reached N16.6 trillion in the last quarter of 2024. The International Monetary Fund has placed Nigeria’s GDP at $253 billion, lower than Algeria, Egypt, and South Africa.
Muda Yusuf, who leads the Centre for the Promotion of Private Enterprise, believes both federal and state governments must follow the policy. He said, “One of the ways we can help the revitalisation of the economy is to prioritise what is made domestically.” He also urged that it include services, not just goods, since Nigeria spends billions yearly importing services.
Gbolade Idakolo, CEO of SD & D Capital Management, believes it will help ease pressure on the naira. “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.”
Billy Gillis-Harry, who heads the petroleum retailers group, also agreed. “This is the best news I have heard in my 65 years of being in Nigeria,” he said, urging everyone to follow the policy for it to succeed.
Find Verified News At Your fingertips Click The Button Below
