In a bid to redefine the procurement sector, the Federal Government has announced the prioritization of local goods and services in public contracts under the Renewed Hope initiative. The new development was noted to be endorsed by the Federal Executive Council and championed by President Bola Tinubu to reduce the influx of imports.
The policy directs that all Ministries, Departments, and Agencies (MDAs) must prioritize Nigerian products unless an alternative from abroad can be justified, and the Bureau of Public Procurement (BPP) has waived such justification. Centralizing procurement oversight is, therefore, a strategic maneuver to aid in nurturing industries within the country, building local supply chains, and maintaining foreign exchange.
According to the Minister of Information and National Orientation, Mohammed Idris, with the Executive Order being placed, the BPP has been directed to begin the framework for Local Content Compliance and establish a registry for certified Nigerian manufacturers and service providers.
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Idris added that the new development will help in industrial revival, job creation, and technology transfer. The intervention redirects spending for the procurement sector. He emphasized that any contracts with foreign firms are supposed to include local capacity-building obligations, as under the Sugar Master Plan.
This commitment, however, goes beyond policy: MDAs that have broken this instruction will face disciplinary action. Procurement officers will now report centrally to the BPP, thus helping to prevent procurement abuse and foster accountability.
The Renewed Hope initiative marks a long-term economic repositioning strategy and could perhaps serve as an example among other African economies likewise considering somewhat protectionist policies. Nigeria could now be becoming truly repaired for sustainable industrial development with a strong message from the Tinubu administration on economic nationalism.
