The Nigerian House of Representatives recently passed a bill that aims to prioritize local manufacturers and indigenous companies in government procurement processes. Sponsored by Mr. Jesse Okey-Joe Onuakalusi, the proposed legislation was consolidated with bills from Hon. Obi Aguocha and Hon. Nnamdi Ezechi. The bill, known as the Local Industry Patronage Bill, 2024, seeks to ensure that goods and services produced, assembled, or refined locally are given priority in procurement without exceptions.
The bill specifically targets goods such as furniture, machinery, motor vehicles, equipment, agricultural implements, and oil and gas products. It aims to prevent the exclusion of locally produced goods and services in government procurement, thereby promoting Nigerian-made products and supporting local industrialists. Mr. Onuakalusi highlighted that the bill will encourage local businesses who may have previously lacked support and conducive business environments to showcase their talents.
One of the key objectives of the bill is to reduce Nigeria’s reliance on imported goods and services. Mr. Onuakalusi emphasized that Nigeria has the capability to produce these items locally with quality and quantity. By prioritizing locally made products, the bill aims to foster research and development in local industries, leading to the discovery of new talents and improving the quality of Nigerian goods and services to meet international standards.
Furthermore, the lawmaker noted that the bill would have significant economic benefits by attracting both foreign and local investors to support Nigerian-made products. This, in turn, would strengthen the naira and move Nigeria towards economic self-reliance. Ultimately, the bill is seen as a step towards promoting economic growth and sustainability in Nigeria.
The passage of this bill signifies a commitment to supporting local businesses and industries, and it is expected to have a positive impact on the Nigerian economy. With a focus on prioritizing locally produced goods and services, the bill aims to boost the competitiveness of Nigerian products both domestically and internationally. It remains to be seen how this legislation will be implemented and the extent of its impact on the country’s economic landscape.
