{"id":118326,"date":"2025-05-06T07:50:33","date_gmt":"2025-05-06T06:50:33","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=118326"},"modified":"2025-05-06T07:50:33","modified_gmt":"2025-05-06T06:50:33","slug":"fec-approves-nigerias-first-economic-policy-on-local-content","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/fec-approves-nigerias-first-economic-policy-on-local-content\/","title":{"rendered":"FEC approves Nigeria&#8217;s First economic policy on local content"},"content":{"rendered":"<div style=\"text-align: justify;\">By Myke Agunwa<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Federal Executive Council (FEC), presided over by President Bola Tinubu on Monday, approved a new policy framework tagged the &#8216;Renewed Hope Nigeria First Policy&#8217; aimed at strengthening Nigeria\u2019s domestic economy and prioritizing Nigerian goods and services when spending public funds.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Briefing State House correspondents after the FEC meeting on Monday, Minister of Information and National Orientation Mohammed Idris, described the policy as a bold shift in the country\u2019s economic approach as it puts Nigeria at the centre of every kobo the government is spending.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThis 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,\u201d he added.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He said the policy places Nigeria at the center of all public procurement and business activity, with a strong emphasis on empowering local industries and reducing dependency on foreign imports.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cIt 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.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">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. He said that the Order will be issued within days.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He said the policy places Nigeria at the center of all public procurement and business activity, with a strong emphasis on empowering local industries and reducing dependency on foreign imports.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Nigeria First policy is expected to become the cornerstone of the administration\u2019s economic strategy, especially as the government pushes forward with its industrialisation agenda and import-substitution goals.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">According to Idris, Council ordered that 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).<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The BPP will create a comprehensive compliance mechanism to ensure all government procurements adhere to local content requirements.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">A regularly updated database of high-quality Nigerian suppliers will be maintained by the BPP and used as a reference for all procurement decisions.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He said that procurement officers currently deployed to various MDAs will be reverted to the BPP to ensure compliance and reduce undue influence or corruption.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cNo MDA will be allowed to procure foreign goods or services already available locally without a written waiver from the BPP.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cWhere foreign contracts are unavoidable, they must include provisions for technology transfer, local production, or capacity development in Nigeria.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cAll 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\u201d he said.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Myke Agunwa The Federal Executive Council (FEC), presided over by President Bola Tinubu on Monday, approved a new policy framework tagged the &#8216;Renewed Hope Nigeria First Policy&#8217; aimed at&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-118326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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