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You are at:Home » LCCI Calls for Strong Implementation of ‘Nigeria First’ Policy to Boost Local Economy
AFRICA NEWS

LCCI Calls for Strong Implementation of ‘Nigeria First’ Policy to Boost Local Economy

By MDNtv ReportersMay 9, 2025No Comments3 Mins Read
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The Lagos Chamber of Commerce and Industry (LCCI) has emphasized that the success of the Federal Government’s ‘Nigeria First’ policy hinges on bold, consistent, and coordinated implementation.

 

According to Dr. Chinyere Almona, Director General of LCCI, the policy—soon to be formalized through an executive order—requires Nigeria to be prioritized in all public and private procurement decisions.

 

This means that foreign goods or technologies that are available locally should only be considered if there is a clear and valid justification.

 

Almona stated that the goal is to strengthen local production, support homegrown businesses, and reduce dependence on imports. She noted that the policy aligns with LCCI’s longstanding push for a resilient and self-sufficient economy.

 

If properly enforced, the initiative could stimulate job creation, boost economic growth, ease foreign exchange pressure, and increase government revenue.

 

However, Almona cautioned that economic pragmatism, legal clarity, and strong institutions are vital for success. She urged support for local industries through improved infrastructure, affordable financing, and a favorable business climate.

 

She also recommended tax incentives, research and development grants, and backward integration strategies in sectors where Nigeria has production potential.

 

To ensure the policy’s impact, Almona highlighted the need to address persistent issues like poor power supply and regulatory obstacles that hamper manufacturing.

 

She called on the government to set the example by fully applying local content requirements in its own procurement processes.

 

For the policy to be effective, Almona said procurement practices must be transparent, fair, and inclusive of small and medium-sized enterprises, warning against elite capture.

 

She also called for legislation to reinforce the policy and better coordination across all government ministries and agencies.

 

Almona warned that inconsistent policies and bureaucratic red tape discourage investment and must be addressed. She urged that protection of local content should be balanced with efforts to expand markets and ensure product quality.

 

She cautioned against creating monopolies or allowing substandard products under the guise of local content promotion, stressing the importance of consumer rights and quality assurance.

 

To support the policy’s goals, Almona suggested major investments in vocational and digital skills training, along with strong collaboration between government, academia, and the private sector.

 

She further emphasized that the policy should align with existing trade agreements like the African Continental Free Trade Area (AfCFTA), focusing on improving competitiveness rather than adopting a protectionist stance.

 

To ensure proper rollout and accountability, she proposed a multi-stakeholder implementation and monitoring framework, along with regular impact evaluations and public reporting.

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Economy LCCI Nigeria
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AFRICA NEWS May 9, 2025

LCCI Calls for Strong Implementation of ‘Nigeria First’ Policy to Boost Local Economy

The Lagos Chamber of Commerce and Industry (LCCI) has emphasized that the success of the…

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