LCCI urges bold action on ‘Nigeria First’

The Lagos Chamber of Commerce and Industry (LCCI) says the success of the ‘Nigeria First’ policy depends on bold, coherent, and well-coordinated execution.

Dr Chinyere Almona, Director General of LCCI, made this known in a statement on Friday.

The policy will be backed by an executive order from the Federal Government.

It mandates that Nigeria must be prioritised in all procurement processes across sectors, both public and private.

This implies that foreign goods or devices locally produced will not be procured without a clear, justified reason.

Almona explained that the policy is intended to boost indigenous production, support local businesses, and reduce reliance on imports.

She said the policy aligns with the chamber’s long-standing call for a self-reliant and resilient national economy.

With proper implementation, she noted, the policy could spur job creation, economic growth, reduced forex pressure, and greater revenue.

However, Almona stressed that success requires economic realism, legal consistency, and institutional integrity.

She added that local industries must be supported with infrastructure, affordable credit, and a business-friendly environment.

Almona suggested tax reliefs, R&D grants, and backward integration for sectors with strong local capacity.

To boost production, she said the power supply crisis and regulatory hurdles facing manufacturers must be resolved.

She also urged government to lead by example by strictly enforcing local content rules in all procurement.

The LCCI chief said procurement must be transparent, merit-based, and inclusive of SMEs to avoid elite dominance.

Almona called for legislation backing the policy and harmonisation across Ministries, Departments, and Agencies (MDAs).

“Policy inconsistency and bureaucracy deter investment and should be addressed decisively,” she warned.

Strategic protection must go hand-in-hand with market expansion and quality assurance.

She cautioned that local content promotion must not lead to monopolies or low-quality products.

Almona said quality control systems and consumer rights must always be protected.

She advised that the Nigeria First policy be paired with major investments in vocational and digital skills.

Almona emphasised the need for collaboration with academia and the private sector to bridge skills gaps.

She further said the policy must align with trade deals, including the African Continental Free Trade Area (AfCFTA).

According to her, Nigeria’s trade strategy should focus on competitiveness, not protectionism.

She proposed a multi-stakeholder framework for implementation and monitoring of the policy.

Almona concluded that regular impact assessments and public reporting would ensure transparency and continuous policy improvement.