CPPE Seeks Legislative Support, Others To Strengthen ‘Nigeria First Policy’

 

The Nigeria First Policy is a bold strategic initiative designed to address vulnerabilities by placing domestic economic interests at the centre of national development strategy. The core objective is to prioritize Nigerian goods, services, human capital, and enterprises in both public and private procurement and investment decisions.

The Nigeria first policy stands at a critical juncture in its economic development journey because despite the abundant natural and human resources, the country continues to face persistent structural economic vulnerabilities — heavy dependence on imports, weak domestic production capacity, inadequate value addition, and a fragile foreign exchange position.

The Centre for the Promotion of Private Enterprise (CPPE) has therefore called for strong legislative support and institutional backing for the proposed Nigeria First Policy.

CPPE described the policy as a bold and transformative initiative that could reposition the Nigerian economy for sustainable growth, self-reliance, and inclusive development.

In a policy brief issued by the Chief Executive Officer of the Centre, Dr. Muda Yusuf, said the Nigeria First Policy represents a strategic shift in Nigeria’s economic development agenda by prioritizing domestic production, local content, and national value creation, among others.

He said the policy seeks to address the country’s long-standing structural vulnerabilities, including heavy dependence on imports, weak manufacturing capacity, and foreign exchange instability, through a framework that places Nigerian goods, services, human capital, and enterprises at the centre of public and private investment decisions.

According to Yusuf, the policy is conceived as a national economic security blueprint designed to strengthen the country’s productive base, conserve foreign exchange, promote industrial linkages, and create millions of jobs across key sectors such as agriculture, manufacturing, and services.

He explained that by institutionalizing domestic preference in procurement and investment, the Nigeria First Policy would reduce the economy’s exposure to external shocks and help stabilize the naira.

He lamented that previous interventions aimed at promoting local content, including various executive orders, had yielded limited results due to weak enforcement mechanisms, poor coordination, and lack of legal authority.

“While these initiatives showed good intent, their impact was largely constrained by the absence of legislative backing and institutional consistency.

“The Nigeria First Policy seeks to correct these gaps through an enforceable, incentive-driven, and legally supported framework,” he stated.

The CPPE boss cited the experience of the Nigerian Content Development and Monitoring Board (NCDMB) in the oil and gas sector that provides a compelling model for success.

He declared that the transformation of policy intent into law through the Nigerian Oil and Gas Industry Content Development Act, resulted in significant progress in domestic participation, technology transfer, and value retention.

“This precedent underscores that when local content policies are legislated and backed by strong institutions, they deliver measurable outcomes. The same approach must be applied across all sectors of the economy,” Yusuf added.

He therefore called on the National Assembly to codify the Nigeria First Policy into law through a Nigeria First Policy Act ensure enforceability, consistency, and long-term sustainability. Such legal backing, he said, would ensure policy continuity and prevent reversals under successive administrations.

Yusuf further recommended integration domestic preference clauses into all public procurement and investment promotion frameworks.

He urged for the introduction of targeted fiscal incentives to stimulate domestic production and strengthen local supply chains.

He also advocated for the establishment of strong institutional and enforcement capacity to ensure compliance, minimize leakages, and sustain momentum.

The agency, according to him, should be mandated to track performance, publish annual scorecards, and promote transparency and accountability.

Yusuf stressed that successful implementation of the policy would require a strong partnership between government and the private sector, including chambers of commerce, industry associations, and MSME.

Such collaboration, he said, would ensure that local supply capacity aligns with new demand created by the policy and foster innovation to improve product quality and competitiveness.

He recommended the establishment of sector-specific benchmarks and measurable performance indicators to monitor impact and adjust strategies.

The CPPE chief also highlighted that the Nigeria First Policy offers a pathway to economic sovereignty by strengthening domestic industries, significantly reduce import dependency; Conserve scarce foreign exchange; Strengthen industrial capacity and resilience; Create millions of decent jobs as well as promote inclusive, broad-based growth.

Transforming this policy from vision to measurable impact will mark a decisive shift toward economic sovereignty and sustainable national development.

He concluded that the success of the policy would depend on political will, leadership commitment, institutional coordination, and close collaboration with private sector stakeholders.

“Transforming the Nigeria First Policy from vision to measurable impact will mark a decisive shift toward sustainable national development and economic independence,” Yusuf emphasized.