In the face of Nigeria’s faltering economy, stakeholders have declared support President Bola Ahmed Tinubu’s restriction on foreign goods, pointing out that it will strengthen local companies like Dangote Refinery and Innoson Vehicle Manufacturing.
In an interview on Monday, Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), Gbolade Idakolo, the CEO of SD & D Capital Management, and Billy Gillis-Harry, the national president of the Petroleum Products Retail Owners Association of Nigeria and the chairman of the board of trustees of the Coalition of South-South Chambers of Commerce, expressed their positions.
This comes after the Federal Executive Council meeting, presided over by President Bola Ahmed Tinubu, decided to outlaw foreign items on Monday in the presidential palace.
According to reports, the FEC’s rulings included prohibiting federal government ministries, departments, and agencies from acquiring products or services from abroad.
Mohammed Idris, the Minister of Information and National Orientation, told reporters at the presidential villa that the Nigeria First Policy initiative prioritizes locally produced goods and services in an effort to boost the nation’s economy, adding that the Attorney General of the Federation and Minister of Justice has been instructed to draft an Executive Order.
“The Nigeria First policy is expected to become the cornerstone of the administration’s economic strategy, especially as the government pushes forward with its industrialization agenda and import-substitution goals,” he said.
The proposal would presumably result in a significant decrease in import bills, which were N16.6 trillion in the final quarter of 2024, if it were draughted into an executive order and put into effect.
According to the World Economic Outlook published by the International Monetary Fund, Nigeria’s GDP is expected to reach $253 billion this year at current prices, trailing only energy-rich Algeria ($267 billion), Egypt ($348 billion), and South Africa ($373 billion).
According to Idakolo, if the policy is put into effect, Nigeria’s economy will grow. He added that the country’s the naira, will be less strained and less foreign exchange will be used for imports.
He said, “This policy is expected to yield positive results because it will strengthen local production and reduce importation of foreign goods, thereby reducing the strain on the naira.
“This policy will help the country retain more foreign currency that would have been utilised for importation.”
CPPE also expressed support for the ban on foreign goods. The CPPE MD said,
“The procurement policy of the government will drive patronage of goods produced locally. This procurement policy should not only be at the federal level but also at the subnational level. There are not only goods but also services.
“We have a situation where service imports could be as high as $10,000 to $15 billion annually.
“We should also look at the import situation for services, not just goods.
“We have young people who are doing well in information technology, software development, creative advertising concepts, and others.”
Additionally, the Petroleum Retailers Outlets Owners Association of Nigeria’s (PETROAN) national president supported the FG’s decision to ban foreign products.
“This is the best news I have heard in my 65 years of being in Nigeria.
“I encourage it and endorse it as Board of Trustees Chairman of the coalition of South-South Chambers of Commerce and National President Petroleum Products Retail Owners Association of Nigeria.
“Let’s have the courage to make sure that this is obeyed from top to bottom, from the presidency to the least Nigerian.
“Sacrifices need to be made for Nigeria to get out of its current economic quagmire.
“Nigeria will be a world power starting from this policy,”
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