CPPE Seeks Legislative Backing To Strengthen ‘Nigeria First Policy’

The Centre for the Promotion of Private Enterprise (CPPE) has called for strong legislative support and institutional backing for the proposed Nigeria First Policy.

CPPE described the policy as a bold and transformative initiative that could reposition the Nigerian economy for sustainable growth, self-reliance, and inclusive development.

In a policy brief released on Sunday, the Chief Executive Officer of the Centre, Dr. Muda Yusuf, said the Nigeria First Policy represents a strategic shift in Nigeria’s economic development agenda by prioritizing domestic production, local content, and national value creation.

He said the policy seeks to address the country’s long-standing structural vulnerabilities, including heavy dependence on imports, weak manufacturing capacity, and foreign exchange instability, through a framework that places Nigerian goods, services, human capital, and enterprises at the centre of public and private investment decisions.

According to Yusuf, the policy is conceived as a national economic security blueprint designed to strengthen the country’s productive base, conserve foreign exchange, promote industrial linkages, and create millions of jobs across key sectors such as agriculture, manufacturing, and services.

He explained that by institutionalizing domestic preference in procurement and investment, the Nigeria First Policy would reduce the economy’s exposure to external shocks and help stabilize the naira.

He noted that previous interventions aimed at promoting local content, including various executive orders, had yielded limited results due to weak enforcement mechanisms, poor coordination, and lack of legal authority.

“While these initiatives showed good intent, their impact was largely constrained by the absence of legislative backing and institutional consistency.

“The Nigeria First Policy seeks to correct these gaps through an enforceable, incentive-driven, and legally supported framework,” Yusuf stated.

The CPPE boss emphasized that the experience of the Nigerian Content Development and Monitoring Board (NCDMB) in the oil and gas sector provides a compelling model for success.

The transformation of policy intent into law through the Nigerian Oil and Gas Industry Content Development Act, he said, resulted in significant progress in domestic participation, technology transfer, and value retention.

“This precedent underscores that when local content policies are legislated and backed by strong institutions, they deliver measurable outcomes. The same approach must be applied across all sectors of the economy,” Yusuf added.

He therefore urged the National Assembly to codify the Nigeria First Policy into law through a Nigeria First Policy Act that would make local content obligations enforceable and establish penalties for non-compliance. Such legal backing, he said, would ensure policy continuity and prevent reversals under successive administrations.

Yusuf further recommended that fiscal and monetary incentives be integrated into the framework to enhance the competitiveness of local producers.

These incentives, he explained, should include targeted tax reliefs, credit support, tariff protection, and local content rebates to stimulate domestic investment and industrial expansion.

He also advocated for the establishment of a dedicated implementation and monitoring agency to enforce compliance across ministries, departments, and agencies, as well as the private sector. The agency, according to him, should be mandated to track performance, publish annual scorecards, and promote transparency and accountability.

Yusuf stressed that successful implementation of the policy would require a strong partnership between government and the private sector, including chambers of commerce, industry associations, and MSME networks.

Such collaboration, he noted, would ensure that local supply capacity aligns with new demand created by the policy and foster innovation to improve product quality and competitiveness.

Highlighting the broader implications of the initiative, the CPPE chief said the Nigeria First Policy offers a pathway to economic sovereignty by strengthening domestic industries, reducing unemployment, and ensuring inclusive growth.

“This is not just an industrial strategy; it is a national economic security agenda,” he asserted.

“By deliberately prioritizing domestic production and value addition, Nigeria can significantly reduce import dependency, conserve scarce foreign exchange, and build a more resilient economy.”

He concluded that the success of the policy would depend on political will, leadership commitment, institutional coordination, and sustained engagement with private sector stakeholders.

“Transforming the Nigeria First Policy from vision to measurable impact will mark a decisive shift toward sustainable national development and economic independence,” Yusuf said.