Nigeria’s employers’ body has thrown its weight behind the government’s new procurement policy promoting locally made goods, hailing it as a catalyst for industrial growth and economic stability.
The Nigeria Employers’ Consultative Association, a group representing over 4,000 businesses, welcomed the Buy Made-in-Nigeria Procurement Policy, which mandates prioritising domestic products in public sector purchasing.
The Buy Made-in-Nigeria policy comes amid Nigeria’s economic challenges, including a 24.23 per cent inflation rate in March 2025 and a naira trading at over N1,500 to the dollar in parallel markets.
By prioritising local goods, the government aims to bolster small and medium enterprises, which account for 48 per cent of Nigeria’s economic output and employ over 80 per cent of the workforce, according to the National Bureau of Statistics.
NECA’s Director-General, Adewale-Smatt Oyerinde, in a recent forum in Lagos, described the move as a “strategic economic imperative” long championed by the group.
“This policy will ease pressure on foreign exchange reserves, spur local industry, and safeguard jobs,” Oyerinde said in a statement.
He noted that Nigeria’s heavy reliance on imports has strained its currency, making the shift to local goods critical.
The initiative, recently unveiled by President Bola Tinubu’s administration, aims to bolster domestic manufacturing and reduce import dependency.
However, Oyerinde warned that success hinges on rigorous enforcement. “Without consistent implementation across all government agencies, this policy risks becoming another unfulfilled promise,” he said.
