By Akinnodi Francis, Ondo

Economic experts have described the recently announced Nigeria First Procurement Policy as a major catalyst for developing local production and revitalising the country’s economy.

They commended the Federal Government on the initiative, stressing that the success of the policy hinges on its effective implementation.

In separate interviews with The Hope, they urged the government to be strict and consistent with the execution of the policy.

The Hope reports that the Federal Executive Council (FEC) approved the landmark policy aimed at strengthening Nigeria’s domestic economy and promoting local content. The policy is to be backed by an Executive Order to be signed by the President.

An economist, Professor Tawio Owoeye, described the move as a strategic economic imperative that stakeholders have long clamoured for.

According to him, “Over the years, we have called on the government to prioritise the patronage of made-in-Nigeria goods, as this will not only promote local production but also fundamentally reduce the pressure on FOREX demand, stimulate local industrial growth, and facilitate job creation and preservation, among other benefits.

“I want to commend the government for this initiative and urge thorough implementation. Without execution across all Ministries, Departments, and Agencies, the policy could suffer the fate of many others before it.”

The don explained that the policy would place homegrown businesses and manufacturers at the centre of all federal procurement and investment decisions.

“If implementation is strictly followed as stated by President Bola Ahmed Tinubu, and the Attorney General of the Federation successfully drafts the Executive Order that will enshrine this policy into law, it will shift government spending towards locally-produced goods and services. This will also stimulate job creation, boost industrial capacity, and reduce the country’s chronic dependence on imports,” he added.

Also speaking, Dr Emmanuel Adenegan described the policy as a “game-changing” initiative that will support local industries and deepen the country’s technical capacity.

He noted that the policy has the potential to spark job creation, stimulate innovation, and promote local content in public procurement.

“I commend Mr President for implementing the Renewed Hope–Nigeria First Procurement Policy, a palpable initiative that will shape our nation’s economy. By prioritising locally-made products in government procurement, you are fostering a culture of self-reliance, boosting internal productivity, and promoting economic growth,” he said.

The policy mandates all Ministries, Departments, and Agencies (MDAs) to prioritise the use of locally-produced goods and services in their procurement processes. Only where no viable local option exists can a waiver for foreign alternatives be sought from the Bureau of Public Procurement (BPP).

Adenegan noted that the policy would also create opportunities for entrepreneurs and manufacturers across various sectors.

Meanwhile, an economist, Dr Sanya Ogunsakin, highlighted the anticipated ripple effects on the business environment.

“This policy will help boost business confidence. It will encourage investment in local products and enhance entrepreneurial confidence among business players. It is a pathway to reclaiming our economic sovereignty and empowering our future,” he said.

Ogunsakin called on all stakeholders, particularly within the private sector and public institutions, to embrace and fully implement the policy for the greater good of the Nigerian economy.

“It will improve the lives of Nigerians and strengthen the value chain of the economy. We must ensure the policy is adopted across all classes, from the elites to the middle class, and look forward to its transformative impact on our economy and society,” he added.