Business

Expectations High For Nigeria’s First Policy Ministerial Quarterly Briefing

In May 2025, President Bola Ahmed Tinubu announced the ‘Nigeria First’ policy, a bold assertion of economic sovereignty to reshape Nigeria’s financial priorities.

Published

11 months ago

August 4, 2025

OCHEFA

689 Views

*Dr Jumoke Oduwole, the Minister of Industry, Trade, and Investment

The first three months of the Federal Government’s “Nigeria First Policy” directive ended with stakeholders expecting Dr Jumoke Oduwole, the Minister of Industry, Trade, and Investment, to update the business community, especially Nigerian manufacturers on how well the Ministries, Departments, and Agencies (MDAs) have complied with the Patronage of quality made in Nigeria products.

In May 2025, President Bola Ahmed Tinubu announced the ‘Nigeria First’ policy, a bold assertion of economic sovereignty to reshape Nigeria’s financial priorities.

This policy emphasises the promotion of domestic goods and services, particularly within government procurement and public sector activities.Its core objectives are to strengthen Nigeria’s local industries, reduce import dependence, and accelerate industrialisation through import substitution.

Following the enthusiasm surrounding the policy, the Minister stated during an appearance on Channels TV that her ministry would conduct quarterly performance evaluations of all MDAs based on their adherence to the Nigeria First Policy, emphasising the importance of buying made-in-Nigeria goods and services.

She noted that compliance with the policy will now be integrated into performance metrics for the President’s Central Coordinating Delivery Unit.

Oduwole asserted, “This compliance will be continuously monitored. As a major player in the economy, the government must lead by example by boosting local production and decreasing reliance on imports.

“She outlined three main areas where the policy will be implemented: focusing on local procurement, ensuring that all local options are considered before exploring foreign alternatives, and improving regulatory and bureaucratic processes to support local enterprises.

The Minister expressed that her ministry’s performance aligns with the President’s directives, with the overarching goal of fostering both domestic and foreign investment to enhance productivity, trade, and export growth.

Related Topics:Featured Nigeria First Policy

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

2 hours ago

June 30, 2026

Charles Flames

13 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

6 hours ago

June 30, 2026

OCHEFA

17 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”