The ‘Nigeria First’ policy approved by the Federal Executive Council (FEC) last week has been touted to have the potential to contribute about N3 trillion to the economy annually.
The Minister of State for Industry, Trade and Investment, John Enoh, told State House Correspondents in a briefing shortly after the FEC meeting at the State House Abuja on Monday, May 12, that the economic value of implementing the policy amounts to about N3 trillion per year.
Similarly, Enoh said the policy would contribute about 20 per cent to the growth of the country’s manufacturing sector over the next three years. He said the implementation of the policy would create over 500,000 jobs in the short term as well as lead to a reduction of about 30 per cent of imports.
The ‘Nigeria First’ policy was approved by FEC on May 5 and is targeted at prioritising the use of locally manufactured goods and services in all government procurements.
The Minister of Information and National Orientation, Mohammed Idris, had said the new policy seeks to champion a new business culture that puts Nigeria first in all procurement processes, adding it would be backed by an executive order.
“This policy means Nigeria comes first in all procurement processes; no foreign goods or devices that are already being produced locally will be procured without a clear and justified reason,” Idris had said.
He had also the FEC had directed the Bureau of Public Procurement (BPP) to revise and enforce fresh guidelines to favour local manufacturers and service providers as a step to paving way for the smooth take-off of the policy.
Less that 24 hours after it was approved, the ‘Nigeria First’ policy had gathered a lot of support from a cross-section of economy stakeholders, who reckoned the policy could boost local production and stimulate the economy.
The Manufacturers Association of Nigeria (MAN) and Nigeria Employers’ Consultative Association (NECA) commended the policy. They, however, urged the government to ensure thorough and effective implementation of the policy.
