President Bola Tinubu has introduced a new economic policy banning the importation of goods that can be produced locally in Nigeria.
The policy also restricts foreign workers from handling jobs that qualified Nigerians can perform, except with approval from the Bureau of Public Procurement (BPP).
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Named the Renewed Hope Nigeria First Policy, the initiative aims to boost local industries, reduce dependence on imports, and promote economic self-reliance. The Federal Executive Council approved the policy during a meeting chaired by the President.
As part of the new rules, procurement guidelines have been revised to prioritize Nigerian-made products and services. Government agencies must now seek BPP waivers before buying foreign alternatives. All procurement plans are to be reviewed and aligned with the new directive.
The policy also mandates that foreign contracts include elements such as technology transfer, local production, or capacity development. It is expected to take effect once the President signs an Executive Order.
