FEC APPROVES RENEWED HOPE NIGERIA FIRST POLICY TO BOOST LOCAL INDUSTRIES.

The Federal Executive Council has approved the Renewed Hope Nigeria First Policy, aimed at prioritizing Nigerians in business and economic activities. 

The Minister of Information, Mohammed Idris, stated that the policy, which will encourage investment in Nigerian people and industries, reshaping government spending, procurement, and economic building, gives precedence to Nigerian industries in procurement processes, with contracts structured to build domestic capacity. 

Idris said the policy, which also directs the Bureau for Public Procurement to create a local content compliance framework and maintain a register of high-quality Nigerian manufacturers and service providers, is expected to drive industrial growth, national self-reliance, and pride in local enterprise.

Citing the sugar industry as an example, he added that the policy would halt the importation of commodities that can be produced locally, while non-compliance will attract sanctions, including cancellation of procurement processes and disciplinary actions against responsible officers.

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