FEC Prioritises Local Industry Under ‘Nigeria First’ Policy
The Federal Executive Council (FEC), presided over by President Bola Tinubu, yesterday, approved a new policy framework tagged ‘Renewed Hope Nigeria First Policy’ aimed at strengthening Nigeria’s domestic economy, prioritising local industry and boosting the country’s industrial transformation.
This is similar to U.S. President Donald Trump’s “America First” doctrine, which is directly reflected in the administration’s official foreign policy documents and actions.
Briefing newsmen after the meeting, Minister of Information and National Orientation, Mohammed Idris, described the policy as a major shift in the country’s economic approach.
Specifically, the policy focuses on accelerating industrialisation, promoting manufacturing, and leveraging digital technology to enhance local production and reduce reliance on raw material exports.
Key elements of the policy include: supporting small-scale entrepreneurs with targeted funding, such as N50 billion in grants and N75 billion for MSMEs and manufacturing through the Bank of Industry (BoI); implementing initiatives like the Backward Integration Programme to increase local capacity in sectors such as sugar production, and policies to revive the textile industry and support local vehicle assembly, and emphasising local content, self-reliance and economic stimulation to create jobs and preserve businesses.
The policy aligns with Nigeria’s broader industrial development goals, including the Nigeria Industrial Revolution Plan, which aims to significantly increase manufacturing’s contribution to Gross Domestic Product (GDP) and create jobs by boosting local production and industrial capacity.
The minister disclosed that the Attorney General of the Federation (AGF) has been directed to draft an Executive Order to give full legal effect to the new framework.
The Renewed Hope Nigeria First Policy is expected to take effect as soon as the Executive Order is signed by President Tinubu.
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.
Specifically, 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 yearly meeting, an action that needed the ratification of the nation’s highest policy-making body, FEC.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who also briefed newsmen after the cabinet’s closed-door meeting, said Tinubu approved Nigeria to subscribe 50 shares at an earning power value of $100,000 per share, in the multilateral investment Bank.
With the ratification of its membership of AIIB, Nigeria stands a good chance to benefit from a broad plan by the bank, which recently announced allocation of $1 billion to projects across Africa aimed at enhancing connectivity and stimulating growth.
SOURCE: The Guardian
