Tinubu’s Ban on Foreign Goods Sparks Economic Growth – Experts

In light of Nigeria’s faltering economy, stakeholders have supported President Bola Ahmed Tinubu’s ban on imported goods, pointing out that it will strengthen domestic companies like Dangote Refinery and Innoson Vehicle Manufacturing.

In separate interviews with reporters on Monday, Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise (CPPE), Gbolade Idakolo, the CEO of SD & D Capital Management, and Billy Gillis-Harry, the national president of the Petroleum Products Retail Owners Association of Nigeria and the chairman of the board of trustees of the Coalition of South-South Chambers of Commerce, expressed their positions.

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.

According to reports, one of the FEC’s rulings prohibited federal government ministries, departments, and agencies from acquiring products or services from overseas.

Mohammed Idris, the Minister of Information and National Orientation, told reporters at the presidential palace that the Nigeria First Policy initiative prioritizes locally produced goods and services in an effort to boost the nation’s economy.

“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.

According to Minister Idris, the Attorney General of the Federation and the Minister of Justice have been directed to create an Executive Order in order to provide legal support for the policy.

Domestic producers and manufacturers like Dangote Refinery, Sugar, Innoson Motors, and others will now have an advantage over their international rivals thanks to the program.

Implicitly, the policy would further result in a sharp decline in import bills, which stood at N16.6 trillion in the final quarter of 2024, if it were drafted into an executive order and put into effect.

The policy push coincides with the World Economic Outlook report from the International Monetary Fund, which projects Nigeria’s GDP to be $253 billion this year based on current prices, trailing only energy-rich Algeria ($267 billion), Egypt ($348 billion), and South Africa ($373 billion).

CPPE calls for implementation by FG, states

The CEO of CPPE has called for the federal government and the states to implement the ban on foreign goods and services.

Yusuf claims that the approach would preserve foreign exchange and have a multiplier effect on Nigeria’s GDP.

He went on to say that a prohibition on foreign services should be included in the policy’s expansion.

“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

Idakolo claimed that if the program were put into effect, Nigeria’s economy would thrive.

He stated that the policy will lessen the burden on the nation’s currency, the naira, and result in a decrease in the amount of foreign currencies used for imports.

“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 newsmen.

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

In a same vein, the Nigerian Petroleum Retailers Outlets Owners Association’s national president supported the FG’s decision to outlaw imported products.

Every Nigerian, he said, must make sure the policy is carried out from the top down.

“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.