The decision, which came after a federal executive council meeting, is expected to benefit local companies such as Dangote Refinery and Innoson Motors. The Attorney General has been tasked with preparing an Executive Order to support this policy, which aims to reduce Nigeria’s spending on foreign items.
In the last quarter of 2024, Nigeria spent N16.6 trillion on foreign goods. The International Monetary Fund has placed Nigeria’s GDP at $253 billion, lower than some other African countries. Stakeholders believe this policy could help ease pressure on the naira and strengthen local production.
Muda Yusuf, Director-General of the Centre for the Promotion of Private Enterprise, emphasized the need for both federal and state governments to prioritize domestic products. “One of the ways we can help the revitalisation of the economy is to prioritise what is made domestically,” he said, urging the inclusion of services in the policy.
Gbolade Idakolo, CEO of SD & D Capital Management, also welcomed the policy, stating it would reduce the strain on the naira.
Billy Gillis-Harry, Chairman of the Petroleum Retailers Association, described the move as “the best news” he had heard in 65 years, urging everyone to support the policy for its success.
