The Renewed Hope Nigeria First Policy aims to empower local industries and reduce dependence on imports.
President Bola Tinubu has approved a new policy banning all government Ministries, Departments, and Agencies (MDAs) from purchasing foreign goods or services that are locally available without a waiver from the Bureau of Public Procurement (BPP).
Announced after the Federal Executive Council meeting on Monday, the Renewed Hope Nigeria First Policy aims to empower local industries and reduce dependence on imports.
“This policy seeks to foster a new business culture that is bold, confident, and very Nigerian,” said Minister of Information, Mohammed Idris.
He said the Attorney General has been directed to draft an Executive Order for implementation.
The BPP will now revise procurement rules, create a supplier database, and enforce compliance.
“All MDAs must resubmit procurement plans to align with this policy,” Idris added.
Violations may lead to disciplinary action or cancellation.
The council also approved Nigeria’s full membership in the Asian Infrastructure Investment Bank, with 50 subscribed shares worth $5 million.