Business
FG Announces New Procurement Policy Shift Favouring Local Manufacturing
The Federal Executive Council (FEC) has approved a “Nigeria First Policy” aimed at prioritising the use of locally made goods and services in all government procurements.
The Minister of Information, Mohammed Idris, made the disclosure saying that the policy seeks to domesticate all government processes.
The Nigerian government expects that with the new policy, local manufacturers will get priority in the provision of goods and services.
“No procurement of foreign goods or services already available locally shall proceed without justification, and where there is an exceptional need for these services to procure from outside, there must be a waiver to be obtained, written waiver to be obtained by the Bureau of Public Procurement (BPP),” Mr Idris said.
“Where no viable local option exists, contracts must include provisions for technology transfer, local production or skills development.
For example, the provision of portal allocations under the sugar master plan should take into consideration participants’ backwards integration plans and investment in Nigeria and ensure compliance with the Master Plan.
“The MDAs have also been directed to immediately conduct an audit of all procurement plans and submit revised versions in line with these directives. Breaches will attract sanctions, including cancellation of procurement processes by such MDAS, and indeed disciplinary action against responsible officers,” the minister noted.
The federal cabinet approved these proposals on Monday and the office of the Attorney General of the Federation has been directed to prepare an Executive Order to be issued by President Bola Tinubu.
This is a major shift in government policy, Mr Idris added. “It puts Nigeria – not foreign companies, not imports – at the heart of our national development.”Once signed into law, Mr Idris said, the legislation will “foster a new business culture that will be bold, confident, but also very, very Nigerian, and it aims at making the government invest in our people and our industries by changing how the government spends money, how we procure and how we also build our economy.”“Going forward, Nigerian industry will take precedence in all procurement processes,” the minister said.
This is a major shift in government policy, Mr Idris added. “It puts Nigeria – not foreign companies, not imports – at the heart of our national development.
”Once signed into law, Mr Idris said, the legislation will “foster a new business culture that will be bold, confident, but also very, very Nigerian, and it aims at making the government invest in our people and our industries by changing how the government spends money, how we procure and how we also build our economy.”
Where local supply falls short, contracts will be structured to build capacity domestically, according to Mr Idris. “Contractors will no longer serve as intermediaries sourcing foreign goods where local factories die. I take the example of the sugar industry.”
“For example, we still have so much importation of sugar coming into this country, yet we have the Nigerian sugar council that was set up to look inward to see how sugar production can be produced, you know, for the benefit of Nigerians.
President Tinubu has proposed that we will no longer just sit there and allow importation to come into this country where there is the capacity for production of these commodities locally.
Now, as I said, the president has proposed the following directives, and all of them have been approved by the Federal Executive Council.”
President Tinubu has proposed that we will no longer just sit there and allow importation to come into this country where there is the capacity for production of these commodities locally. Now, as I said, the president has proposed the following directives, and all of them have been approved by the Federal Executive Council.”
Business
FG plans largest dairy, cattle ranches in Ogun — Abiodun
” Whenever investors express interest in Nigeria, President Tinubu often directs them to Ogun State. His leadership has rekindled hope among Nigerians at home and in the diaspora,” the governor said.
Photo: Governor Dapo Abiodun
OGUN State Governor, Dapo Abiodun said today: ” The Federal Government is siting the largest dairy and cattle ranches in Nigeria at Ipokia and Yewa South Local Government Areas, with an initial capacity of 5,000 herds of cattle.”
The governor made the announcement during the All Progressives Congress (APC) Strategic Stakeholders Meeting at the Cultural Centre, Kuto, Abeokuta, noting that the initiative is part of broader efforts to strengthen food security, boost local agricultural production, and deepen value chains across the state.
“The biggest dairy and cattle ranches will soon be established in Yewa South and Ipokia. This is at the instance of Mr. President. These farms will start with 5,000 herds of cattle, and work will begin very soon,” Abiodun said.
He commended President Bola Ahmed Tinubu for his economic reforms, highlighting their role in stabilising the foreign exchange market, eliminating multiple exchange-rate regimes, and boosting Nigeria’s foreign reserves to about $45 billion.
Abiodun also praised the President for consistent support towards Ogun State, including approvals for projects such as the Sagamu–Ijebu Ode Road reconstruction, funding of the Eba oil discovery, and resuscitation of OKLNG.
“Whenever investors express interest in Nigeria, President Tinubu often directs them to Ogun State. His leadership has rekindled hope among Nigerians at home and in the diaspora,” the governor said.
Business
12 states harmonise new tax reforms, says Oyedele
“Let us stop using consultants to collect taxes. It undermines our ability to do what is right. The new tax law says you cannot use consultants to do the routine work of the tax authority and its autonomy must be guaranteed.”
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, says that twelve states have so far adopted tax reform and harmonised the new acts with their laws.
Oyedele disclosed this during a presentation at the National Economic Council Conference in Abuja, yesterday.
Oyedele said that besides the 12 states, 13 states have the bills in their houses of assembly, while 11 states are in the final stages of presenting the bills.
He said it was important for the states to adopt and harmonise the new tax laws with their state tax laws to avoid multiple taxation.
He advised state governors to grant their internal revenue agencies autonomy.
“Let us stop using consultants to collect taxes. It undermines our ability to do what is right. The new tax law says you cannot use consultants to do the routine work of the tax authority and its autonomy must be guaranteed,” he said.
Business
Heineken to cut global workforce by 6,000 as beer demands falter
There are fears that Nigeria would be impacted as the company revealed that the cuts would be focused on non-priority markets offering fewer growth prospects.
• Heineken
Global brewer, Heineken, yesterday, said it would retrench 6,000 staff out of its 87,000 global workforce this year as it grapples with weak demand and rising costs.
The second biggest brewer by market value has promised to deliver higher growth with less resources as it looks to assuage investors who said it has fallen behind on efficiency.
This is coming right after the surprise January resignation of its current Chief Executive Officer, Dolf van den Brink, leaving the company scrambling for a new CEO.Also, sales across the sector are faltering amid strained consumer finances, geopolitical turbulence and bad weather.
The company said this productivity drive will unlock savings and reduce its global head count by 5,000 to 6,000 positions over the next two years, roughly seven percent of its global workforce of 87,000 people.
The company’s head of finance, Harold van den Broek, added that they are doing this to strengthen operations and to be able to invest in growth.
There are fears that Nigeria would be impacted as the company revealed that the cuts would be focused on non-priority markets offering fewer growth prospects.
He added that further cuts would also result from previously announced initiatives targeting Heineken’s supply network, head office and regional business units.
Outgoing-CEO van den Brink, who steps down in May, said that there was no update on the brewer’s search for a successor.
Along with weak demand, brewers are facing long-term declines in beer sales in some key markets, dented by issues such concerns over the health impact of alcohol consumption.
Heineken expects slower profit growth for 2026 of between 2 and 6 per cent against the 4 to 8 per cent growth it guided for last year.
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