In a significant move aimed at revitalizing Nigeria’s economy, President Bola Ahmed Tinubu has announced a ban on the importation of foreign goods that can be produced locally. This policy is designed to stimulate domestic manufacturing, reduce reliance on imports, and strengthen the naira.
Additionally, the President has imposed strict restrictions on expatriates entering Nigeria to undertake jobs that local contractors and artisans are capable of performing. Such foreign engagements will now require explicit justification and express permission from the Bureau of Public Procurement (BPP).
This directive aligns with President Tinubu’s ongoing efforts to promote local industries. In March 2024, he urged Nigerians to patronize made-in-Nigeria products to bolster the naira and reduce foreign dependency . Furthermore, the government has taken steps to support local production in specific sectors. For instance, plans are underway to ban the importation of Chinese-made Adire fabrics, with subsidies proposed to enhance local production
While these measures aim to strengthen local industries, they come amidst contrasting policies. In July 2024, the government approved a 150-day duty-free import window for essential food commodities like maize, rice, wheat, and cowpeas to address soaring food prices . This move drew criticism from stakeholders like Dr. Akinwumi Adesina, President of the African Development Bank, who warned that such policies could undermine Nigeria’s agricultural sector .
In the healthcare sector, President Tinubu signed an Executive Order in June 2024 eliminating tariffs, excise duties, and VAT on imported pharmaceutical inputs. This initiative aims to boost local production of healthcare products and reduce costs
The recent ban on certain foreign goods and restrictions on expatriate labor underscore the administration’s commitment to fostering local industries and achieving economic self-reliance. However, balancing these protectionist measures with the need to address immediate economic challenges remains a critical task for the government.
Written By Queen Diana Story
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