Enoh: FG Targeting Key Sectors With Nigeria-first Procurement Framework

.Rewane wants budget right-sized to match economic reality

Nume Ekeghe

The Minister of State for Industry, Senator John Owan Enoh, has said the federal government is targeting key productive sectors under its Nigeria-First policy, using public procurement as a strategic tool to stimulate local manufacturing and reduce the country’s dependence on imports.

Speaking at the Redeemed Christian Church of God (RCCG), Lagos Province 35 Economic Summit over the weekend, Enoh said the government has begun structured engagements with the Bureau of Public Procurement (BPP) to redesign procurement frameworks that deliberately support domestic industries, particularly in sectors with strong local potential.

This is as the Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, called on the federal government to right-size Nigeria’s budget to reflect economic realities.

Rewane, while presenting outlook on Nigeria’s economy, said Nigeria’s budgets must be harmonised across fiscal years, stressing that the 2025 budget, supplementary budget and the 2026 budget should be aligned and adjusted to deal with reality rather than overly optimistic assumptions.

Enoh stressed that Nigeria does not need to import what it can produce adding, We can clothe ourselves. Yesterday, before leaving Abuja, I was in a meeting with the Director General of the Bureau of Public Procurement (BPP). What was that meeting about? Mr President announced a Nigeria First policy. Now, the challenge is to get it to work. What’s the best way to implement and to execute such a policy? The Ministry of Industry and Development is key.

“So, an engagement has begun between the Ministry, between our office and the Bureau of Public Procurement, which is concerned with about five or six sectors, including textile and apparel, including the automotive sector, including medical equipment including furniture and all of that. Because what that Bureau wants to do is to see how to get this implemented by the kind of public procurement framework that is put in place. And I think that the opportunities are coming,” he said.

He reiterated that public procurement represents a powerful but underutilised tool for industrial development, noting that predictable government demand can unlock private investment and accelerate domestic value-chain development.

Speaking further Rewane said: “The U.S. dollar is going to be weakened because of various forces. Don’t forget that in the U.S. this month, there will be a Federal Reserve meeting in which some things are going to happen on the interest rates, and it’s going to drive some other things. So we expect a weaker U.S. dollar this year relative to other currencies. We expect a gradual easing of the MPR in Nigeria this year relative to other competitors and neighbouring countries. I’ve said the budget will be right-sized. We expect the oil price, which is today at $63, $64 a barrel, to come down to $58 or $60 max, and that has a significant impact on our economy,” he said.