By Seun Ibiyemi
The Centre for the Promotion of Private Enterprise (CPPE) has said that reducing Nigeria’s reliance on imports will strengthen the country’s economic foundation and shield it from global market shocks.
This was contained in a policy brief titled “Nigeria First Policy,” released by CPPE’s Chief Executive Officer, Dr. Muda Yusuf.
The brief described the Nigeria First Policy as a strategic framework aimed at placing domestic economic interests at the centre of national development by prioritising local goods, services, human capital, and enterprises in both public and private sector decisions.
According to the document, heavy dependence on imports, weak domestic production capacity, and a fragile foreign exchange position have left Nigeria vulnerable to global economic fluctuations.
“Reducing reliance on imports will strengthen Nigeria’s economic base and shield the economy from global market shocks,” the report stated, adding that conserving foreign exchange would help stabilise the naira, enhance macroeconomic stability, and reduce external vulnerabilities.
The policy brief identified three key pillars of the proposed framework: local content development, value addition and industrial linkages, and strategic economic inclusion.
These, it said, would deepen domestic production, promote industrial integration, and ensure more inclusive participation in economic growth.
Dr. Yusuf explained that the Nigeria First Policy is not just an industrial policy but a national economic security agenda designed to enhance the resilience of Nigeria’s economy against global disruptions such as pandemics, geopolitical conflicts, and supply chain breakdowns.
The brief further recommended the enactment of a Nigeria First Policy Act to give the framework legislative backing, ensure enforcement, and institutionalise domestic preference in procurement and investment decisions. It also proposed targeted fiscal incentives, including tax reliefs, credit support, and tariff protections to make local industries more competitive.
Yusuf stressed that implementing the policy would create millions of jobs, boost small and medium enterprises (SMEs), enhance value chains, and promote broad-based economic inclusion.
“The ultimate success of this policy will depend on political will, a strong institutional framework, effective coordination across all tiers of government, and close collaboration with the private sector,” he noted.
He added that the Nigeria First Policy offers Nigeria a unique opportunity to transition from import dependency to industrial self-reliance, thereby securing long-term economic sovereignty and sustainable development.