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The Centre for the Promotion of Private Enterprise has called on the federal government to formalize its Nigeria First Policy into law to ensure effective implementation.
The Chief Executive Officer of CPPE, Muda Yusuf, shared this information in a statement released on Sunday.
This announcement follows President Bola Ahmed Tinubu's declaration regarding the Nigeria First Policy, which aims to prioritize Nigerian services, human resources, and businesses in both public and private procurement and investment decisions.
In response, CPPE stated that if the policy is properly implemented, it could reduce Nigeria's dependence on imports and enhance domestic production capacity.
However, the Centre cautioned that the impact of the Nigeria First Policy should not be hindered by weak enforcement mechanisms, poor institutional coordination, lack of legislative support, and inconsistent policies.
To address these issues, CPPE recommended that the federal government should “codify the Nigeria First Policy into law to ensure enforceability, consistency, and long-term sustainability.”
“Incorporate domestic preference clauses into all public procurement and investment promotion frameworks.
“Implement targeted fiscal incentives to encourage domestic production and strengthen local supply chains.
“Develop robust institutional and enforcement capabilities to ensure compliance, minimize leakages, and maintain momentum.
“Encourage strong public–private partnerships to foster innovation, ensure supply readiness, and enhance economic inclusion.
“Establish sector-specific benchmarks and measurable performance indicators to assess impact and adjust strategies accordingly.
“The Nigeria First Policy signifies a pivotal moment in Nigeria’s economic development journey by intentionally prioritizing domestic production, value addition, and local participation.
Frequently Asked Questions
What is the Nigeria First Policy?
The Nigeria First Policy is an initiative aimed at prioritizing Nigerian services, human capital, and enterprises in public and private procurement and investment decisions.
Why does CPPE want the policy to be codified into law?
CPPE believes that codifying the Nigeria First Policy into law would ensure its enforceability, consistency, and long-term sustainability, thereby maximizing its impact on domestic production and reducing reliance on imports.
