Business

FG Announces New Procurement Policy Shift Favouring Local Manufacturing

Published

7 months ago

May 6, 2025

OhiBaba

188 Views

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.”

Related Topics:Buy Nigeria policy Featured Manufacturing industry

Up Next

DStv Subscription: Court dismisses MultiChoice suit against FCCPC‎‎

Don't Miss

Dangote Group Sponsors Nasarawa Trade Fair

Click to comment

Business

BUA Group’s Long Service Awards: Rabiu Splashes N30bn on Staff (Video)

Five employees received N1 billion ($691,000) each, while another five were awarded N500 million ($345,000). Several others went home with N100 million ($69,000), and dozens more received sums ranging from N5 million ($3,450) to N20 million ($13,810), ensuring the rewards extended beyond senior staff and reflected the breadth of the workforce.

Published

1 hour ago

December 14, 2025

OCHEFA

13 Views

•Abdul Samad Rabiu

Abdul Samad Rabiu, the Chairman of BUA Group, on Saturday, Dec. 13, 2025, shared $20.7 million (about N30 billion )in cash rewards to staff for their long -service and loyalty across the conglomerate.

The payouts were announced at the BUA Night of Excellence Long Service Awards held at Eko Hotel & Suites in Victoria Island, Lagos.

The annual event, which brought together staff across BUA Group and its subsidiaries, was designed to recognize years of service, loyalty and day-to-day contributions that often go unnoticed outside company walls.

At the ceremony, Rabiu approved cash awards spanning multiple levels of the organization.

The awards build on a pattern that employees say has become familiar at BUA.

See video below:

https://www.facebook.com/share/v/1Q3DRwXpFk

Business

GTCO Unveils First-Ever Holiday Edition of Food & Drink Festival, Scheduled for December 20–21, 2025

Published

1 day ago

December 13, 2025

Charles Flames

22 Views

Guaranty Trust Holding Company Plc (GTCO Plc) has launched the inaugural Holiday Edition of its renowned GTCO Food & Drink Festival, Africa’s largest culinary event.

The two-day festival is scheduled for December 20 and 21, 2025, at the GTCentre in Oniru, Victoria Island, Lagos.

This special edition marks a festive expansion of the annual festival, blending African culinary excellence with family-oriented holiday experiences and support for small businesses.

Unlike previous editions, it shifts focus from chef masterclasses to immersive attractions tailored for the holiday season.

Segun Agbaje, Group Chief Executive Officer of GTCO Plc, highlighted the event’s significance: “The GTCO Food & Drink Festival is a powerful platform that aligns with our mission to fuel enterprise, promote African creativity, and connect communities through meaningful lifestyle experiences.

The Holiday Edition gives us an exciting opportunity to celebrate the festive season while supporting thousands of food entrepreneurs who form the backbone of our economy.”

Record-Breaking SME ParticipationTrue to its commitment to empowering local businesses, GTCO continues its free vendor participation model.

For this edition:

– Over 4,000 applications were received.

– 213 Nigerian-owned food SMEs were selected—nearly double the number from recent editions.

– Vendors will offer diverse, affordable culinary options, providing a high-traffic platform to boost visibility and sales during the holidays.

The surge in participation highlights the festival’s role in driving SME growth and inclusive economic development.

The 2025 Holiday Edition introduces tailored attractions:-

**Christmas Village**: A curated marketplace with handcrafted gifts, seasonal delicacies, artisanal products, and holiday entertainment.

– **Large Children’s Play Zone**: Immersive games and activities for families.

– **Street Food Hub**: Showcasing Nigeria’s vibrant street food diversity.

– **Live Entertainment**: High-energy DJ sets from top Nigerian performers.

The event aligns with GTCO’s corporate social responsibility goals, promoting community impact, SME support, and Nigeria’s creative economy.

Admission is free and open to the public, emphasizing accessibility to world-class experiences.

For more details, visit the official site at [foodanddrink.gtcoplc.com](https://foodanddrink.gtcoplc.com/).

Business

BOI, NCGC sign N10bn loans for women in business

BOI said that the programme would support women-led enterprises across manufacturing, ICT, digital marketing, ecommerce, healthcare, education, renewable energy, processing, waste management, and the creative industries.

Published

2 days ago

December 12, 2025

OCHEFA

19 Views

• Image of a business woman/ BOI

Nigeria’s push for inclusive economic growth gained momentum on Wednesday as the Bank of Industry (BOI) and the National Credit Guarantee Company (NCGC) launched a N10 billion loan guarantee programme aimed at improving access to finance for women-owned businesses.

The agreement, signed through a Memorandum of Understanding (MoU) in Abuja, represents one of the major gender focused credit support initiatives introduced in recent years.

The BOI Managing Director, Dr Olasupo Olusi and the Managing Director of NCGC, Mr Bonaventure Okhaimo, signed the MoU on behalf of their respective institutions.

The scheme, known as GLOW, meaning Guaranteed Loans for Women, provides for a 25 per cent guarantee by NCGC on BOI loans.

This arrangement is expected to reduce lender risk and create easier access to affordable credit for women entrepreneurs at concessionary interest rates, the two organisations said.

Olusi said the initiative was designed to address long-standing barriers that prevent women from accessing growth capital.

He said GLOW was structured to offer concessionary pricing at seven per cent, flexible collateral options and capacity building support, noting that these measures were intended to help close gender financing gaps within the MSME sector.