Nigeria has just adopted a new policy aimed at promoting national preference in public procurement and contributing to the emergence of a strong local industry.
Named "Nigeria First," this new policy governing federal spending, adopted on Monday by Nigeria's Federal Executive Council (FEC), aims to prioritize local businesses in government procurement processes, as explained by Nigeria's Minister of Information in a statement on his X account.
Through these measures, Nigeria aims to support its industrial and economic fabric and reduce dependence on imports to meet the needs of its administrations, according to the same source.
Public institutions will be required to source goods produced locally, with the risk of facing sanctions in case of non-compliance with this rule, said the Nigerian official, as reported by local media.
When reliance on foreign suppliers is unavoidable, supply contracts must include provisions for technology transfer to support local production and contribute to capacity development in Nigeria, he emphasized.
According to observers, this policy is expected to become a priority of the country's economic strategy as the government continues its efforts to accelerate industrialization and achieve import substitution goals.
Faapa
