The Federal Executive Council (FEC) has approved a new policy directive by President Bola Tinubu called the “Renewed Hope Nigeria First Policy” aimed at prioritizing all Nigerian businesses, goods, and services as well as foster a new business culture in the country.

Briefing journalists after the FEC meeting at the State House, Abuja, the Minister of Information and National Orientation, Mohammed Idris said the new policy will enable government invest in the nation’s industries.

The new policy which will be implemented through an executive order being prepared by the Office of the Attorney-General of the Federation, stipulates that all Ministries, Departments, and Agencies (MDAs) must prioritise locally made goods and services in their procurement processes.

According to the Minister, sourcing for foreign alternatives for goods and services readily available in the country will henceforth require written justification and a formal waiver from the Bureau of Public Procurement (BPP).

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