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
UBA Commits $150m to Kenya’s Roads Levy Securitisation Program
The $150 million pledge was formalised during a meeting with Davis Chirchir, Cabinet Secretary for Roads and Transport.
•Oliver Alawuba, GMD UBA
United Bank for Africa (UBA) Plc has committed $150 million (KES 20.5 billion) to the Government of Kenya’s $1.35 billion Roads Levy Securitisation Program.
This underscores the bank’s pan-African lender’s growing role in financing infrastructure and advancing inclusive growth across the continent.
In a statement, the pan-African lender said the commitment was unveiled during a working visit by its Group Managing Director/Chief Executive Officer, Oliver Alawuba, to Nairobi, where he led a high-level delegation and met with President William Ruto and other senior government officials.
President Ruto received the UBA team at State House, commended the bank for its support over the years, as discussions focused on scaling road infrastructure, strengthening small and medium-sized enterprises (SMEs), and advancing Kenya’s long-term economic transformation.
Alawuba said: “Kenya holds a strategic place in Africa’s growth story, and UBA is committed to being a long-term partner in unlocking the immense potential here. From financing critical infrastructure to empowering SMEs that drive job creation, our mission is to deliver sustainable solutions that connect markets, foster trade, and improve lives.”
The $150 million pledge was formalised during a meeting with Davis Chirchir, Cabinet Secretary for Roads and Transport.
The Roads Levy Securitisation Program, spearheaded by the Kenya Roads Board, is designed to modernise critical road networks, accelerate payments to contractors, and boost connectivity nationwide.
“Infrastructure is the engine of trade, competitiveness and shared prosperity. UBA is proud to be one of the largest financiers of this program, demonstrating our unshakeable confidence in Kenya’s future,” said Alawuba.
The Managing Director/CEO of UBA Kenya, Mary Mulili, added: “Our participation cements UBA’s role as a trusted ally to the Kenyan government, businesses, and communities. We are paving the way for better connectivity that empowers farmers, manufacturers, and SMEs across the country.”
Business
Victor Osimhen is Moniepoint’s brand ambassador ‘Made for Your Progress’ campaign
Made for Your Progress is our promise to every Nigerian with a dream – that we will provide the financial comfort, confidence, and freedom they need to focus on building those dreams.
Moniepoint Microfinance Bank (MFB) has appointed Nigerian striker Victor Osimhen as its brand ambassador as part of its newly launched campaign, Made for Your Progress.
The company said the initiative is designed to emphasise its support for Nigerians pursuing personal and business growth.
Managing Director of Moniepoint MFB, Babatunde Olofin, explained that the campaign highlights the contributions of individuals and small businesses to the economy.“
At Moniepoint, we have always believed that the ambitions of Nigerians are the bedrock of our economy as evidenced by the informal economy’s contributions to GDP,” Olofin said.
“We celebrate the people behind the many businesses we serve, and the individuals who have created value with our personal banking service.
Made for Your Progress is our promise to every Nigerian with a dream – that we will provide the financial comfort, confidence, and freedom they need to focus on building those dreams.”
Business
FIRS says TIN not needed to operate bank accounts
The TIN is a 13-digit identifier uniquely capturing details of taxable persons and entities. It encodes information such as issuance year, registry source (NIN for individuals, RC for companies), state of registration, and a cryptographic security fragment.
The Federal Inland Revenue Service FIRS) has clarified that Nigerians are not required to obtain a separate Tax Identification Number (TIN) before operating or opening bank accounts.
The TIN is a 13-digit identifier uniquely capturing details of taxable persons and entities. It encodes information such as issuance year, registry source (NIN for individuals, RC for companies), state of registration, and a cryptographic security fragment.
In a statement posted on her official X handle, the Technical Assistant on Broadcast Media to the FIRS Chairman, Aderonke Atoyebi, said that the clarification becomes necessary as a result of widespread reports suggesting that, from January 2026, citizens would need to present a TIN to access banking services—a claim that sparked public concern over the possibility of new bureaucratic hurdles.
She said that the reports were misleading and that the TIN framework has been designed to integrate with existing national registries such as the National Identification Number (NIN) and Corporate Affairs Commission (CAC) records.
“In recent debates about Nigeria’s tax reforms, a widespread misconception has taken root: that citizens without a TIN cannot own or operate a bank account.
The reality is that Nigeria’s tax system has evolved to integrate seamlessly with existing national registries, ensuring that every eligible individual or entity is automatically identifiable for tax purposes,” she wrote.
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