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
CBN places suspicious BVNs on 24-hour watchlist
These provisions are set to take effect from 1 May 2026.
Photo: Olayemi Cardoso , CBN Governor
To combat fraud, the Central Bank of Nigeria (CBN) has unveiled new regulations aimed at strengthening fraud control and digital banking security across the country.
These provisions are set to take effect from 1 May 2026.
In a circular issued to all banks, other financial institutions and payment service providers, the apex bank details amendments to the Revised Regulatory Framework for Bank Verification Number (BVN) operations and additional requirements for instant payment services.
Under the new BVN framework, financial institutions are required to maintain a temporary watchlist for BVNs implicated in suspected fraudulent transactions.Any BVN placed on this list will remain there for a maximum of 24 hours, during which the account holder will be contacted to provide clarification.
The circular also sets age restrictions for BVN enrolment, limiting registration to individuals 18 years and above, and restricts phone number amendments linked to BVNs to a single change.
Access to BVN databases will now be exclusively for CBN-licensed financial institutions, with the central bank retaining the right to grant access in extenuating circumstances under existing laws.
Business
Indorama, Nigerian Breweries and Genesis Power plan 45,000 tons rPET Plant in Lagos
The initiative aims to meet fast rising demand for recycled content, reduce plastic waste and create local value through improved collection systems.
Indorama Ventures Public Company Limited, Nigerian Breweries Plc and Genesis Power and Energy Solutions Ltd have entered a strategic partnership to establish one of Africa’s largest state-of-the-art recycled PET (rPET) production facilities in Nigeria.
Located in Lagos, the site represents an investment to develop a facility capable of producing up to 45,000 tons of food grade rPET resin yearly, with start up targeted in the first half of 2027, a statement by the partners said.By converting post consumer PET bottles into high quality recycled material for packaging applications.
The initiative aims to meet fast rising demand for recycled content, reduce plastic waste and create local value through improved collection systems.
The project is expected to support recycling capacity in Nigeria, subject to regulatory approvals, technical validation and operational implementation.
Together, the partners aim to establish commercially viable rPET operations that enable responsible growth and long-term environmental impact.
Commenting on the landmark partnership, Executive President of Petchem and Chairman of ESG Council at Indorama Ventures, Yash Lohia, said: “This partnership marks a defining milestone in our global recycling journey. By establishing our largest recycling facility to date and one of the largest rPET sites in Africa, we are bringing Indorama Ventures’ global expertise, proven technologies and long-term vision for circularity to a region with immense growth potentials.
This investment reflects our belief that scaling sustainability solutions locally is essential to building resilient, sustainable packaging systems that deliver lasting environmental and economic value.”
Chairman and CEO of Genesis Energy, Akinwole II Omoboriowo, said: “This compelling initiative demonstrates Genesis’s commitment to deploying capital to climate-resilient investments by leveraging clean energy as a strategic nexus to advancing viable economic opportunities.
The investment is also a testament to how cross-sector partnerships can enable sustainable industrial development. By combining circular economy principles with resilient infrastructure and energy solutions, the initiative supports long-term environmental impact and local value creation.”
Business
CBN restricts mobile banking apps operation to one device
In the circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, said ” Implementation of the above provisions will take effect from July 1, 2026.”
The Central Bank of Nigeria on Friday restricted the operation of mobile banking applications (apps) to one device.
This was contained in a circular to all banks and other financial institutions and payment service providers (PSP) announcing additional guidance for the operations of instant payments (IP) in Nigeria.
In the circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, said ” Implementation of the above provisions will take effect from July 1, 2026.”
The circular read: “The Central CBN in line with its mandate of promoting financial system stability hereby issues additional guidance for the operations of Instant Payments in Nigeria.
All Financial Institutions (FIs) offering Instant Payment (IP) shall provide the following additional functionalities: Mandatory device binding: Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.“Migration to another device shall trigger automatic re-activation and authentication.
“Customers shall have the option to opt-out of opt-in to IP service at any time and for any given period.
This process shall be subject to Multi-Factor Authentication (MFA) control. Default setting shall be Opt-in upon on-boarding a new customer.
“In the opt-out mode, a customer shall not be able to carry out online instant transfer of funds (intra or inter) from his/her account to another customer.“
However, customers can physically visit the financial institution to effect transfer during this period.
“Voluntary Transaction Limit: Subject to the existing maximum limits of N25 million for individuals and N250 million for corporates, customers shall have the option to adjust the limits as needed.
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