The Centre for the Promotion of Private Enterprise (CPPE) has described the Nigeria First Policy as a strategic inflection point in Nigeria’s economic development journey in view of its potential multidimensional socio-economic benefits to the country.
The Director/Chief Executive Officer of the Centre, Dr. Muda Yusuf, in a policy note issued on the policy today, stated that by deliberately prioritizing domestic production, value addition, and local participation, Nigeria can significantly reduce import dependency, conserve scarce foreign exchange, strengthen industrial capacity and resilience, create millions of decent jobs, and promote inclusive, broad-based growth
However, the renowned economist pointed out that the ultimate success of this policy would depend on political will and leadership commitment, a strong legal and institutional framework, effective coordination across tiers of government and sectors, and close collaboration with the private sector
According to him, transforming this policy from vision to measurable impact will mark a decisive shift toward economic sovereignty and sustainable national development.
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The CPPE boss maintained that to translate the Nigeria First Policy from strategy into impact, a robust implementation architecture, which would be built on five key pillars was required.
He listed the pillars as including a Strategic Procurement Policy, which should Institutionalize domestic preference in all public procurement at federal, state, and local levels; Set clear local content targets for different sectors; and Use government demand as a lever to expand domestic production and stimulate investment.
Yusuf identified the second pillar as Fiscal and Monetary Incentives, which should Introduce targeted incentives (tax reliefs, credit support, tariff protection, local content rebates) to enhance the competitiveness of local producers and service providers; and Align monetary and trade policies to support domestic industry expansion.
According to him, the third pillar is a Legislative Backing, requiring the enactment of a Nigeria First Policy Act that codifies the principles of local content, procurement preference, and domestic participation; and Establish clear compliance obligations and penalties for non-compliance.
Fourthly, the CPPE Director stated that Institutional Capacity and Oversight pillar round which the implementation of the policy should revolve would help to Establish or strengthen a dedicated Nigeria First Policy Implementation and Monitoring Agency to enforce compliance across MDAs and the private sector, track performance and publish annual scorecards, and promote transparency, accountability, and stakeholder engagement.
Finally, Yusuf listed Private Sector Partnership as the fifth pillar needed to successfully implement the policy as it will help the government to Collaborate closely with industry associations, chambers of commerce, and MSME platforms to align local supply capabilities with new demand created by the policy; and also Encourage co-investment and innovation to boost quality, capacity, and competitiveness of local goods and services.
To ensure that the potential socio-economic benefits are full explored for national benefits, the CPPE made some key policy recommendations, namely Codification of the Nigeria First Policy into law to ensure enforceability, consistency, and long-term sustainability; Integration of domestic preference clauses into all public procurement and investment promotion frameworks; and Introduction targeted fiscal incentives to stimulate domestic production and strengthen local supply chains.
Others are Building strong institutional and enforcement capacity to ensure compliance, minimize leakages, and sustain momentum; Fostering strong public–private collaboration to drive innovation, ensure supply readiness, and deepen economic inclusion; Establishment of sector-specific benchmarks and measurable performance indicators to monitor impact and adjust strategies.
Giving a background to the desirability of the policy, the CPPE stated: “Nigeria stands at a critical juncture in its economic development journey. Despite 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 Nigeria First Policy is a bold strategic initiative designed to address these 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”, it added.
“The policy is anchored on three fundamental pillars: Local content development to deepen domestic production and reduce import dependence; Value addition and industrial linkages to strengthen national supply chains; and Strategic economic inclusion to ensure that the benefits of growth are widely shared across regions and population groups.
“Nigeria has experienced similar policy interventions in the past, including executive orders promoting local procurement and domestic participation. While these interventions demonstrated good intent, their impact was limited by weak enforcement mechanisms, poor institutional coordination, lack of legislative backing, and policy inconsistency.
“The Nigeria First Policy seeks to overcome these past shortcomings through a structured, enforceable, incentive-driven and legally backed framework that will institutionalize local content and domestic value creation as national economic priorities.
On the policy’s strategic economic opportunities and benefits, the organized private sector (OPS) advocacy group, stresses that the Nigeria First Policy is not merely an industrial strategy but rather a national economic security agenda.
It further stated that its implementation offers transformative opportunities for inclusive growth and structural transformation across multiple fronts, namely Economic Security and Stability, Job Creation and Human Capital Development, Industrial Linkages and Value Chain Development, and Inclusive Growth and Local Empowerment.
