The Nigeria Employers’ Consultative Association (NECA) has expressed strong support for the Federal Government’s new Buy Made-in-Nigeria Procurement Policy, describing it as a timely move to drive industrial growth and ease pressure on the economy.
The policy, unveiled by President Bola Tinubu’s administration, mandates public sector institutions to give priority to locally produced goods and services when making procurement decisions. NECA, which represents over 4,000 companies across different sectors, said the policy aligns with its long-standing advocacy for homegrown industrial development.
Speaking at a recent forum in Lagos, NECA’s Director-General, Adewale-Smatt Oyerinde, called the move a “strategic economic imperative.” He said that Nigeria’s over-dependence on imported goods has significantly strained the naira and worsened the country’s foreign exchange crisis.
“This policy will ease pressure on foreign exchange reserves, spur local industry, and safeguard jobs,” Oyerinde said. He emphasised that the new framework offers an opportunity to empower small and medium-sized enterprises (SMEs), which make up 48 per cent of the economy and employ more than 80 per cent of Nigeria’s labour force, according to the National Bureau of Statistics.
The Federal Government hopes the policy will not only enhance domestic productivity but also serve as a buffer against external shocks and inflation. Nigeria’s inflation rate rose to 24.23 per cent in March 2025, while the naira continues to struggle in the parallel market, trading at over N1,500 per dollar. The new procurement direction is expected to limit foreign currency outflows and promote naira stability.
However, Oyerinde stressed that mere policy pronouncements are not enough to deliver results. He warned that inconsistent implementation could erode the policy’s potential impact.
“Without consistent enforcement across all government ministries, departments, and agencies, this policy risks becoming another unfulfilled promise,” he said.
He urged the government to establish a clear compliance framework, monitor performance, and support local manufacturers with incentives, infrastructure, and access to finance to meet growing demand.
NECA also called for a national awareness campaign to educate procurement officers and the public about the economic benefits of buying Nigerian-made products. Oyerinde added that effective monitoring and penalties for non-compliance must be instituted to ensure adherence.
The Buy Made-in-Nigeria Procurement Policy is one of several initiatives by the Tinubu administration aimed at reviving the economy, reducing import dependency, and creating employment opportunities. Analysts say its success will depend on the government’s willingness to back policy with action and ensure that local producers can meet the standards required for government contracts.
