The Senator representing Borno South, Ali Ndume, has praised President Bola Tinubu’s administration for banning the importation of foreign goods that have local equivalents, calling it a major boost for Nigeria’s struggling economy.
In a statement issued Tuesday in Abuja, Ndume said the policy, paired with incentives for local producers, would create jobs, strengthen domestic production, and drive economic growth.
“It is heartwarming to hear that President Tinubu has taken this bold decision to ban imported goods that can be produced locally,” Ndume said. “This will be a major boost for indigenous businesses amid the slipping Nigerian economy. If implemented faithfully, it will shield our local producers, who are striving to find their feet, from being choked out of existence by established foreign investors flooding our market with cheaper, sometimes substandard, goods.”
Ndume emphasized that protecting local industries would generate employment, increase Nigeria’s Gross Domestic Product (GDP), and strengthen the naira by reducing pressure on foreign reserves, as the demand for foreign exchange by importers declines.
The senator also urged the federal government to impose heavy taxes on certain foreign goods to further discourage their consumption and encourage Nigerians to patronize locally made products.
The policy announcement came Monday after the Federal Executive Council (FEC) meeting, where the Minister of Information and National Orientation, Mohammed Idris, described the decision as a “landmark” under the Renewed Hope Nigeria First Policy. He said the move aims to strengthen the domestic economy and promote local content.
Additionally, the federal government placed restrictions on expatriates coming into Nigeria to perform jobs that local contractors or artisans can handle, except where there is a convincing justification and express permission from the Bureau of Public Procurement (BPP).
