The Federal Executive Council (FEC) rose from its meeting at the State House, Abuja, on Monday, and approved a sweeping new policy framework tagged the ‘Renewed Hope Nigeria First Policy.’
This serves as a major government decision aimed at strengthening Nigeria’s domestic economy and promoting local content.
Also on Monday, the Minister of Power, Chief Adebayo Adelabu, disclosed that the federal government had formally ratified and adopted a new roadmap for the Nigerian Electricity Supply Industry (NESI), with the approval of the National Integrated Electricity Policy( NIEP). It replaces the National Electric Power Policy of 2001.
Briefing newsmen on the outcome of the meeting presided over by President Bola Tinubu, Information and National Orientation Minister, Mohammed Idris, described the policy, which appears to mirror US President Donald Trump’s America First doctrine, as a bold shift in the country’s economic approach.
He explained: “There is a major policy decision that was taken by the cabinet today, and this is a proposal by President Bola Tinubu on what he calls the Renewed Hope Nigeria First policy, meaning that Nigeria is going to be at the center, going forward of all business activities relating to this country.
“If there are any businesses to be done by anybody, the priority will be Nigeria first of all, if you have any local content, there is no reason for you to go outside this country to import now this is in the form of an executive bill that will soon be issued by Mr. President. Already, Council has approved a set of those proposals and the Office of the Federal Attorney General of the Federation has been directed to prepare an executive order to be issued by Mr. President.”
Speaking further, he said: “Now this seeks to foster a new business culture that will be bold, confident, but also very, very Nigerian, and it aims at making government to invest in our people and our industries by changing how government spends money, how we procure and how we also will build our economy.”
According to Idris, the following decisions were approved by the Council and will be enforced immediately: “The Bureau of Public Procurement (BPP) is to revise and enforce procurement rules that prioritise Nigerian-made goods and homegrown solutions across all Ministries, Departments and Agencies (MDAs).
“The BPP will create a comprehensive compliance mechanism to ensure all government procurements adhere to local content requirements. A regularly updated database of high-quality Nigerian suppliers will be maintained by the BPP and used as a reference for all procurement decisions.
“Procurement officers currently deployed to various MDAs will be reverted to the BPP to ensure compliance and reduce undue influence or corruption. No MDA will be allowed to procure foreign goods or services already available locally without a written waiver from the BPP.
“Where foreign contracts are unavoidable, they must include provisions for technology transfer, local production, or capacity development in Nigeria. All MDAs are to immediately review and resubmit their procurement plans to align with the new policy directives.
“Breaches will result in disciplinary action and possible cancellation of the procurement process.”
The minister cited Nigeria’s sugar industry as an example of local capacity being neglected.
“We continue to import sugar despite the existence of the Nigerian Sugar Council and several local producers. This policy will change that,” he stressed.
He added that moving forward, “Contractors will no longer be mere intermediaries sourcing foreign goods while Nigerian factories lie idle. Government money must now work for the Nigerian people.”
The Nigeria First policy comes amid economic reforms being pushed by the Tinubuadministration, including subsidy removals, a new foreign exchange regime, and efforts to restore investor confidence.
By making local content central to government spending, the administration hopes to drive job creation, industrial growth, and sustainable economic development.
While the policy would likely face implementation challenges and resistance from entrenched procurement interests, officials say the administration was determined to enforce compliance at all levels.
According to the Minister: “Now to all MDAs, the following decisions have been taken. Number one, no procurement of foreign goods or services already available locally shall be shall proceed without justification.
“No procurement of foreign goods or services already available locally shall proceed without justification, and a written waiver from BPP.
“Number two, where no viable local option exists, contracts must include provisions for technology transfer, local production or skills development, by way of example, the provision of Portal allocations under the sugar master plan should take into consideration participants’ backward integration plans and investment in Nigeria and ensure compliance with the Master Plan. This is a major decision taken by the Federal Executive Council today.
“Number three, the MDAs, have also been directed to immediately conduct an audit of all procurement plans and submit revised versions in line with these directives.
“And number four, breaches will attract sanctions, including cancellation of procurement processes by such MDAS, and indeed disciplinary action against responsible officers.
“Now what this seeks to do is to domesticate our processes, in other words, where there is the possibility of getting local manufacturers to supply any kind of goods or procure any kind of services, there will be no need for MDAS to now procure these goods or services from outside this country, and where there is an exceptional need for these services to procure from outside.
“There must be a waiver to be obtained, a written waiver to be obtained by the BPP. This is a major shift in government policy, aiming to put Nigeria at the heart of all businesses in this country.
“This is a major shift in government policy. It puts Nigeria – not foreign companies, not imports – at the heart of our national development.”
The Renewed Hope Nigeria First Policy is expected to take effect as soon as the Executive Order is signed by President Tinubu.
According to the Minister, the policy places Nigeria at the center of all public procurement and business activity, with a strong emphasis on empowering local industries and reducing dependency on foreign imports.
He said: “This policy seeks to foster a new business culture that is bold, confident, and very Nigerian. It aims at making government investment directly benefit our people and industries by changing how we spend, how we procure, and how we build our economy.”
Idris disclosed that the Attorney General of the Federation and Minister of Justice has been directed to draft an Executive Order to give full legal effect to the new framework.
He added that the policy was expected to become the cornerstone of the administration’s economic strategy, especially as the government pushes forward with its industrialisation agenda and import-substitution goals.
Meanwhile, FEC also approved Nigeria’s subscription of 50 shares valued at $ 5 million in the Asian Infrastructure Investment Bank (AIIB), after ratifying the nation’s membership of the multilateral institution.
Nigeria’s membership of the AIIB has grown the number of African countries in the Bank to 20, including 11 full members and nine prospective members.
AIIB approved Nigeria’s membership of the Multilateral Development Bank in 2021 at its sixth annual meeting, an action that needed the ratification of the nation’s highest policy-making body, FEC.
Reports indicate that AIIB’s approved African members are responsible for over 60 percent of the continent’s gross domestic product and represent over 46 percent of Africa’s population.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told reporters at the post-FEC press briefing that Council approved for Nigeria to subscribe 50 shares at an earning power value of $100,000 per share, in the multilateral investment Bank.
He said: “You have 50 shares, at an earning power value of $100, 000 a share totaling $ 5 million. The approval was that we should subscribe up to 50 shares of the capital stock within AIIB.
“It is a major requirement by the AIIB that once admitted, prospective members are expected to complete the required membership procedures and deposit the first capital installment with the Bank.
“With the full ratification of membership of the AIIB, Nigeria stands a good chance to benefit from a broad plan by the bank, which recently announced to allocate $1 billion to projects across Africa aimed at enhancing connectivity and stimulating growth.”
Meanwhile, the Minister of Power, Adelabu,disclosed that the federal government had formally ratified and adopted a new roadmap for the power sector, with its approval of the National Integrated Electricity Policy( NIEP).
The policy which had been ready since December 2024, earlier submitted to President Bola Tinubu was ratified at the weekly FEC meeting, according to a statement by the Special Adviser, Strategic Communications and Media Relations to the minister, BolajiTunji.
The policy is a comprehensive framework designed to transform Nigeria’s electricity sector in alignment with National development objectives and international best practices as mandated by Section 3(3) of the revised Electricity Act 2023.
Adelabu stated that the policy implementation had already started and will now gain momentum with the president’s approval while the impact would soon be felt nationwide.
He added that the Electricity Act 2023 requires the federal government through the ministry of power to initiate the process for the preparation and publication in its gazette, an integrated National Electricity Policy and Strategic Implementation Plan, within one year of the commencement of the Electricity Act.
He said: “ The roadmap policy addresses critical challenges in Nigeria’s electricity sector through a comprehensive framework for sector transformation with clear guidelines for sustainable power generation, transmission distribution as well as integration of renewable energy sources, its promotion, energy efficiency and enhancement of sector governance.”
Adelabu described the passage of the Electricity Act 2023 as a pivotal moment for the electricity sector as it signals a transformative change which has laid the foundation for NESI, thus enabling exponential socio-economic growth.
“This NIEP is a comprehensive roadmap developed to guide all stakeholders – the federal and state governments, market participants, investors, and indeed all Nigerians, through this transition,” the minister added.
Adelabu said the preparation of the policy represented the collective efforts of the ministry in collaboration with a wide cross-section of stakeholders across the public and private sectors at national and state levels.
According to him, they also included civil society organisations, academicinstitutions, captains of industry, donor partners, development institutions, private sector participants and consumer advocacy groups.
“The NIEP is a very significant evolution from the National Electric Power Policy of 2001, which has been long overdue for replacement. The Policy outlines various initiatives to aid the growth and development of State Electricity Markets (SEMs).
“It fosters a decentralised but collaborative approach to energy management and resource planning. This policy is a living document that will evolve with the Industry’s needs and challenges. It underscores the importance of collaboration, innovation, and a steadfast commitment to consumer protection and engagement,” Adelabu explained.
Besides , he emphasised that the policy is structured across eight chapters which comprehensively address the historical perspective of the Nigeria electricity sector, focus on key features of the Electricity Act 2023 as well as Nigeria’s electricity policy objectives.
Furthermore, he stated that the document covered electricity market design, value chain analysis, stakeholders roles and responsibilities, climate change and low carbon economy initiatives.
He also listed gender equality and social inclusion, local content development—including research and development, commercial, legal and regulatory frameworks as some of the key areas covered by the document.