LCCI: Success of Nigeria First Policy Depends on Bold, Well-coordinated Execution Strategy

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has declared that the success of Nigeria First procurement policy that was announced last week by President Bola Tinubu “depends on a bold, coherent, and well-coordinated execution strategy that addresses deep-rooted structural barriers” in the Nigerian economy.  

The LCCI, therefore, advised that the policy be grounded in economic realism, legal consistency, and institutional integrity.

According to the Director General of LCCI, Dr. Chinyere Almona, the LCCI is of the view that domestic industries must be supported to become competitive through targeted infrastructure investments, access to affordable credit, and an enhanced ease of doing business environment.

Almona said that incentives such as tax reliefs, rsearch and poduction grants, and backward integration support should be prioritised for sectors with strong local potential, especially agro-processing, manufacturing, and ICT.

She said: “To ramp up local production, current challenges facing the manufacturing sector, like high cost of generating power, rising cost of logistics, high cost of credit, and a rather harsh regulatory environment, must all be resolved.”

She also said that on the consumption side, the government must lead by example by strictly enforcing local content rules in procurement at all levels.

“Procurement processes must be transparent, merit-based, and inclusive of SMEs to avoid elite capture and ensure fair competition across the board.  Policies should be backed by enforceable legislation and harmonised across ministries, departments, and agencies (MDAs) to avoid contradictions and regulatory loopholes. Unpredictable policy reversals and bureaucratic bottlenecks discourage investment and must be addressed decisively,” she said.

The LCCI said that strategic protection must be accompanied by initiatives that promote quality assurance and market expansion.

“The promotion of local content should not result in monopolies or the proliferation of substandard products. Quality control mechanisms and consumer rights must be safeguarded at all times. The Nigeria First Policy needs to be complemented by large-scale investments in vocational training and digital skills to align with evolving market needs. Partnerships with academic institutions and the private sector are essential to bridge skill gaps and drive innovation within the local talent economy,” it said.

It also added that the Nigeria First Policy should align with regional and continental trade agreements, especially the African Continental Free Trade Area (AfCFTA).