As part of efforts to strengthen economic self reliance, the Federal Government has unveiled plans to prioritise made in Nigeria goods through the Renewed Hope Nigeria First Policy.
The Secretary to the Government of the Federation (SGF), Senator George Akume, disclosed this on Wednesday during a visit to Governor Alex Otti at his country home in Nvosi, Isiala Ngwa South Local Government Area of Abia State.
Akume revealed that the new policy, backed by an executive order, underscores the Federal Government’s commitment to placing Nigeria first in its economic agenda.
“Yesterday, the government approved a new economic policy, called the Renewed Hope Nigeria First Policy.
“It’s going to be an executive order to ensure that we place Nigeria first. So, we’re going to give emphasis to products that are manufactured locally”, Akume said.
He noted that the policy would particularly benefit industrious regions such as Abia State, noting that its people “will soon be laughing through the banks”.
Sen Akume commendedthe Nigeria Extractive Industries Transparency Initiative (NEITI), describing the agency as a “sensitive and strategic” institution monitored globally, from its headquarters in Oslo, Norway.
He also addressed ongoing economic reforms, highlighting the removal of fuel subsidy as a necessary measure to stop what he termed a “massive scam”.
“A few weeks ago, Prof. Benedict Oramah, President of African Export-Import Bank, applauded what government had done.
“According to Oramah, that was the best decision taken by the federal government in the oil and gas industry. Oramah said indeed it was bad business for Nigeria to be selling crude and at the same time, lacking money to pay for imported petroleum products into the country”, he noted.
Sen. Akume explained that prior to subsidy removal, Nigeria had reached its borrowing limit with traditional financial institutions, leading to intervention from Afreximbank adding that the savings from the subsidy removal are now being redirected to support development at state and local government levels.
On infrastructure, he reiterated the federal government’s commitment, citing projects such as the Calabar–Lagos and Sokoto–Badagry superhighways as part of a strategy to enhance connectivity and economic growth across Nigeria.
In his remarks, Governor Alex Otti urged public officials to stay focused on governance amid political criticisms following the 2023 elections.
“Well, in politics, you expect things like that. My approach is to just ignore the noise, and continue to focus on delivering the goods”, Gov Otti said.
The Governor who acknowledged that some policy decisions may be unpopular initially, insisted they are essential for long-term development.
“Sometimes the immediate outcomes may be difficult, but I’ve never seen anywhere where omelettes are made without breaking eggs,” he stated.
Governor Otti reiterated his long-held support for the removal of fuel subsidy, referencing his published columns in ThisDay newspaper.
“I have written extensively about subsidy removal, as far back as 2016, 2017, and we should have done it”, he said.
He recalled the missed opportunity during the COVID-19 pandemic, when global oil prices plummeted and oil-exporting nations were eager to offload excess supply.
“People who had oil were begging people to come and evacuate it, even without paying for it”, Gov Otti noted.
He warned that subsidies must be correctly targeted to avoid economic distortions.
“Subsidies are good, but then, it depends on where the subsidy is going. If you are subsidising production, that is very good but whenever you start subsidising consumption, you are distorting your economy”, he said.
Governor Otti stressed that avoiding tough decisions could lead to severe consequences.
“If you don’t think you need to take the pain of taking difficult decisions, then what you may see is an economic crisis, but we don’t pray for that”, he said.
The Governor also applauded NEITI for promoting transparency and accountability, calling both principles essential for a healthy democracy.
