President Bola Ahmed Tinubu has okayed a ban on the importation of foreign goods by Ministries, Departments, and Agencies on goods or services available in the country, without a waiver from the Bureau of Public Procurement.

Mr Tinubu said this on Monday at the Presidential Villa in Abuja through its Minister of Information and National Orientation, Mohammed Idris. 

Mr Idris said, “The Nigeria First Policy places our country at the centre of public procurement and business activity, with a strong focus on empowering local industries. It is designed to foster a new business culture that is bold, confident, and uniquely Nigerian,”.

The new policy dubbed the ‘Renewed Hope Nigeria First Policy’ aims at strengthening the domestic economy, promoting local content, and reducing Nigeria’s dependence on imports. 

The minister said that the new policy mirrored the U.S. “America First Policy.’’

However, he warned that “all MDAs must review and resubmit their procurement plans in line with the new policy,” and breaches would attract disciplinary action and possible cancellation of future procurement processes.

He cited Nigeria’s continued importation of sugar despite having a functioning Sugar Council and several domestic producers as a prime example of inefficiency the policy seeks to eliminate.

He stated, “Government money must now work for the Nigerian people. And contractors will no longer be allowed to act as mere intermediaries importing foreign goods while Nigerian factories remain underutilised”

The Nigeria First Policy is the latest of the many economic reforms under Mr Tinubu’s administration, which include the removal of fuel subsidy and naira floating.