|By Babatunji Wusu-
-Experts Back Tinubu’s Nigeria First Policy as Game-Changer for Economy
–Say Ban on Foreign Goods Will Boost Dangote, Innoson, and Cut Import Bill
Top economic stakeholders have thrown their weight behind President Bola Ahmed Tinubu’s ban on foreign goods, praising the move as a bold step toward revitalizing Nigeria’s ailing economy and empowering indigenous industries.
They say the Nigeria First Policy, which restricts federal government ministries, departments, and agencies from purchasing foreign goods or services, will boost local production, strengthen the naira, create jobs, and slash import bills.
Speaking in separate interviews with DAILY POST on Monday, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, CEO of SD & D Capital Management, Gbolade Idakolo, and Board Chairman of the Coalition of South-South Chambers of Commerce and President of the Petroleum Products Retail Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, hailed the federal executive council’s (FEC) decision as strategic and timely.
Announced after Monday’s FEC meeting at the Presidential Villa, the ban is expected to offer indigenous producers like Dangote Refinery, Innoson Motors, and local SMEs a competitive edge. Minister of Information and National Orientation, Mohammed Idris, told reporters the initiative aims to prioritise homegrown products and services while helping Nigeria achieve its industrialisation and import-substitution targets.
“The Nigeria First policy is expected to become the cornerstone of the administration’s economic strategy,” Idris said, adding that the Attorney General of the Federation has been directed to draft an Executive Order for legal backing.
According to recent figures, Nigeria’s import bill hit ₦16.6 trillion in Q4 2024. By cutting back on foreign procurement, the policy is projected to drastically reduce import spending, preserve foreign exchange, and boost GDP growth.
Local Support for Full Implementation Across All Tiers of Government
CPPE’s Muda Yusuf urged not only the federal government but also state and local governments to fully adopt and enforce the policy. He emphasized that Nigeria must move beyond lip service and commit to local patronage at every level.
“One of the ways we can help the revitalisation of the economy is to prioritise what is made domestically,” Yusuf said.
“This will boost GDP, create jobs, and conserve foreign exchange. Service imports alone cost Nigeria between $10 to $15 billion annually.”
He also stressed the inclusion of locally sourced services in the policy scope, pointing to Nigeria’s growing pool of young talents in IT, software, advertising, and creative sectors.
Yusuf called on Nigerians, from the presidency to the grassroots, to make personal and institutional sacrifices for the success of the policy.
“Let’s have the courage to ensure this is obeyed from top to bottom… Nigeria will be a world power starting from this policy,” he declared.
