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Tinubu’s ban on foreign goods major boost for Nigerian economy — Stakeholders

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Stakeholders have backed President Bola Ahmed Tinubu’s ban on foreign goods, noting that it would boost Dangote Refinery, Innoson vehicles manufacturing, and other indigenous businesses amid the slipping Nigerian economy.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, the CEO of SD & D Capital Management, Gbolade Idakolo and the Board of Trustees Chairman of the Coalition of South-South Chambers of Commerce and National President Petroleum Products Retail Owners Association of Nigeria, Billy Gillis-Harry, made their stance known in separate interviews with Ekwutosblog on Monday.

 

This is following the decision by the federal executive council chaired by President Bola Ahmed Tinubu at the presidential villa on Monday to ban foreign goods.

Ekwutosblog reports that one of the decisions reached by the FEC was a ban on the procurement of foreign goods or services by federal government ministries, departments, and agencies.

Announcing the development, the Minister of Information and National Orientation, Mohammed Idris, told journalists at the presidential villa that the initiative, tagged the Nigeria First Policy, is aimed at strengthening the country’s economy by prioritising locally manufactured goods and services.

“The Nigeria First policy is expected to become the cornerstone of the administration’s economic strategy, especially as the government pushes forward with its industrialisation agenda and import-substitution goals,” he said.

Minister Idris said to give legal backing to the policy, the Attorney General of the Federation and Minister of Justice has been instructed to draft an Executive Order.

With the policy in place, domestic manufacturers and producers such as Dangote Refinery, Sugar, Innoson Motors, and others would now have an edge over their foreign competitors.

By implication, the policy, if drafted into an executive order and implemented, would further lead to a drastic drop in import bills, which stood at N16.6 trillion in the last quarter of 2024.

The policy drive comes as the International Monetary Fund’s World Economic Outlook estimates Nigeria’s gross domestic product at $253 billion based on current prices this year, lagging behind energy-rich Algeria at $267 billion, Egypt at $348 billion, and South Africa at $373 billion.

CPPE calls for implementation by FG, states

CPPE CEO has urged that the implementation of the ban on foreign goods or services be done across the federal government and states.

According to Yusuf, the policy would have a multiplier effect on Nigeria’s gross domestic product and conserve foreign exchange.

He added that the policy should be broadened to include a ban on foreign services.

“One of the ways we can help the revitalisation of the economy is to prioritise what is made domestically.

“It helps to boost Nigeria’s gross domestic product, create more jobs, create a very considerable multiplier effect, and help to conserve foreign exchange.

“It has a lot of benefits if the country can improve on patronage of what is produced locally.

“The procurement policy of the government will drive patronage of goods produced locally. This procurement policy should not only be at the federal level but also at the subnational level. There are not only goods but also services.

“We have a situation where service imports could be as high as $10,000 to $15 billion annually.

“We should also look at the import situation for services, not just goods.

“We have young people who are doing well in information technology, software development, creative advertising concepts, and others.

Let’s ensure that we have a policy that encourages the patronage of our professionals.

“Also, for goods, things that are produced locally should be prioritised. Things like furniture. We have no business importing furniture into the country.

“We are producing enough petrol products. Why are we still importing petroleum products?

“The scope of the policy should be broadened to cover some elements of trade policy beyond procurement. It should cover some elements of trade policies. So that we can have some measures of protection for our manufacturers.

“The country has no reason to import generic pharmaceutical products or uniforms.

“I am not saying we should go extreme like in the United States of America.

“What is most important is the implementation because we had similar policies like this before that were not implemented effectively,” he stated.

Nigeria’s economy will soar with ban on foreign goods — Idakolo

On his part, Idakolo said the policy, if implemented, would make Nigeria’s economy flourish.

He noted that the policy will lead to reduced use of foreign exchange for imports and bring down the strain on the country’s currency, the naira.

“This policy is expected to yield positive results because it will strengthen local production and reduce importation of foreign goods, thereby reducing the strain on the naira.

“This policy will help the country retain more foreign currency that would have been utilised for importation.

“Nigeria reported a balance of trade surplus in 2024, a feat that has not been achieved in the past 10 years, and this is largely due to reduced importation of foreign goods and increased export of local production.

“This trade surplus can be sustained in 2025 if this policy is properly implemented.

“This policy is expected to be a game changer that will eventually strengthen the naira,” he told DAILY POST.

Ban on foreign goods may propel Nigeria to become world power — PETROAN, Gillis-Harry

Similarly, the national president of the Petroleum Retailers Outlets Owners Association of Nigeria backed the FG’s decision to ban foreign goods.

He noted that every Nigerian must ensure that the policy is implemented from top to bottom.

“This is the best news I have heard in my 65 years of being in Nigeria.

“I encourage it and endorse it as Board of Trustees Chairman of the coalition of South-South Chambers of Commerce and National President Petroleum Products Retail Owners Association of Nigeria.

“Let’s have the courage to make sure that this is obeyed from top to bottom, from the presidency to the least Nigerian.

“Sacrifices need to be made for Nigeria to get out of its current economic quagmire.

“Nigeria will be a world power starting from this policy,” he stated.

 

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Nigerian govt agencies to unlock $25bn revenue through electricity, digital development

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Two Nigerian government agencies, the Galaxy Backbone and the Rural Electrification Agency, have signed a partnership to provide electricity and digital connectivity to schools, hospitals, and other public institutions across the country.

This comes as the federal government agencies said the initiative is expected to help unlock $25 billion in revenue annually associated with the lack of electricity and other infrastructural development in Nigeria.

This was made known during a Memorandum of Understanding signing event in Abuja on Friday.

Speaking on the partnership, the Managing Director of GBB, Prof. Ibrahim Adeyanyu, said it would ensure effectiveness in government services to Nigerians.

He explained that the collaboration will ensure that hospitals, universities, security outfits, and government institutions have access to electricity and digital connectivity.

“We are going to target public institutions to make them more efficient and reduce the cost of governance.

“Already, we are looking at starting with a number of federal institutions within Abuja, including the National Hospital and some security outfit institutions within Abuja, and we would like to work this infrastructure deployment to get out of Galaxy Backbone, Abuja.

“Imagine providing access to the internet and electricity to the lowest micro-level of the sub-national, the local government level. Imagine how we would transform local government administration. And this is very much also in line with Mr. President, where the roles and responsibilities of local government have been brought back to make them more effective and to make sure that governance has gone down to the community level,” he stated.

On his part, the Managing Director of REA, Abba Abubakar Aliyu, said the MoU is an effort by President Bola Ahmed to drive inclusive development in Nigeria.

He emphasised that the initiative would unlock $25 billion annually associated with lack of electricity and infrastructural development in the country.

According to him, the partnership will ensure that no community is left behind in Tinubu’s government’s renewed hope agenda and the realisation of its $1 trillion economy target.

“For us, today (Friday), we are showing and demonstrating how two different government agencies can collaborate towards the development of this country. Today, we are showing we are planting the seed to unlock a $25 billion economy. The cost of lack of electricity and associated development initiatives within the country is costing the country $25 billion annually.

“Today, we are looking at contributing to the objective of Mr. President towards the realisation of the $1 trillion economy. Today, we are planting the seed for the development of small, medium, and micro enterprises across the country. Today, we are enhancing the governance of this country by making public institutions more efficient, operating with less cost, and also having all the necessary digital requirements for them to carry out their own functions.

“The nexus between electricity, financial inclusion, and the digital economy cannot be overemphasised. We have seen it over and over in the study that wherever there is no electricity, there is no financial inclusion, and there is no digital value that has been created within those communities. Nigeria has the highest number of people without electricity, which by extension means that the country has the highest number of people that are financially excluded, and they are not reaping the benefit of the digital economy,” he stated.

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TCN counters AEDC, denies responsibility for Abuja power outage

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The Transmission Company of Nigeria (TCN) has denied responsibility for the power outage in several parts of Abuja.

Its denial counters claims by the Abuja Electricity Distribution Company (AEDC), that blamed the outage in areas such as Dilic Hotel, Prime Plaza, Exclusive Stores, Gilmore, Takwa Crescent, and Former Zartech in the Federal Capital Territory (FCT) on a “technical fault” from the Transmission Company of Nigeria.

This is contained in a statement on Thursday by Ndidi Mbah, spokesperson for TCN.

The statement reads; “The Transmission Company of Nigeria (TCN) informs the public that the power outage affecting Dilic Hotel, Prime Plaza, Exclusive Stores, PENCOM, AMCON, Gilmore, Takwa Crescent, Former Zartech, and its environ is not due to at technical fault from TCN, contrary to Abuja Distribution Company (AEDC)’s claim,” Mbah said.

“TCN’s feeders serving these areas are not in any way experiencing outages. For emphasis, TCN’s feeders serving these areas are functioning normally, contrary to AEDC’s claim.”

The claims and counter claims now put residents in confusion as to the cause of the power outage.

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Fuel price reduction: ‘Joy’s coming’ – Manufacturers

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Director General, Manufacturers Association of Nigeria, Segun Ajayi-Kadiri, sees the price of fuel coming down to N800.

Ekwutosblog reported recently that Dangote Petroleum Refinery slashed its ex-depot price for Premium Motor Spirit, PMS, also known as petrol, to N840 per litre.

The reduction represents a N40 decrease from the previous rate of N880 per litre.

This happened a few days after the Nigerian National Petroleum Company Limited, NNPCL, increased the pump price of petrolto N925 per litre in Lagos.

This decrease is also coming a week after Dangote Refinery increased the ex-depot petrol price to N880 per litre

Speaking in an interview with Channels Television, Ajayi-Kadiri said that it was a welcome development, adding that price of the product would further decrease to N800 with the modalities being put in place by Dangote Refineries.

“You cannot blame anyone for producing and ensuring effective delivery,” he said.

When asked to share his thoughts from a manufacturer’s point of view on what he sees about the long term effect, he added, “So if I may use what the Gen Z is called ‘Joy is coming’, that’s what I see.

“The long term is going to be better. I see the price coming down to 800 and that’s what manufacturers want.

“I just told you now that last year, we spent as much as 1.1 trillion in terms of providing alternatives, apart from the fact that even the quality of the products is not guaranteed.

“So in the near future, I continue to see continued reduction in the price of diesel.

“I also see a situation where other players will be encouraged to come into the field, because that is what it takes. I don’t think that we should use sentiment to dissuade any investor from improving the life and well being of the people.

 

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