The Federal Executive Council, FEC, has endorsed a sweeping new policy framework aimed at revitalising Nigeria’s domestic economy. Branded the ‘Renewed Hope Nigeria First Policy’, it places homegrown industry and manufacturing at the heart of national economic planning.
Unveiled after Monday’s FEC meeting, the policy is being positioned as a pivot from dependency on raw exports to value-added local production. Key pillars include support for small businesses, with ₦50 billion earmarked for grants and a further ₦75 billion available via the Bank of Industry.
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Emphasis will also fall on domestic textiles, sugar production under the Backward Integration Programme, and vehicle assembly. Digital technology is expected to drive innovation across sectors.
Officials say the initiative complements the Nigeria Industrial Revolution Plan and seeks to grow GDP by boosting manufacturing and job creation through enhanced local capacity.
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