I gotta put me first!
President Tinubu’s new policy is on to something
Good morning, Big Brains. Sometimes, I act like I come from old money. Salary has finished, and I’m still satisfying my cravings. It might sound insane, but like Baba T, I have to put myself first.
- Margaret
Word count: ~ 1,000
Reading time ~ 5 mins
Let’s get into today’s edition:
President Tinubu’s new policy is on to something
Nigeria and China are partnering up to make electric cars available to you
The Big Deal
President Tinubu’s new policy is on to something
Our president has been pushing his “I gotta put me first” agenda for weeks now, and honestly, it might be worth the effort.
Earlier this month, President Tinubu proposed a Make America Great Again-inspired policy to reduce Nigeria’s dependence on imports and foreign items. The policy, titled “Renewed Hope Nigeria First Policy” will change how the country spends its money moving forward. Latest information from the government also suggest it’s going to change how we make money too.
The Minister of State for Industry, Trade and Investment, John Enoh, did the maths and estimated that the policy could add ₦3 trillion annually to the national economy. He also said it’s expected to grow Nigeria’s manufacturing sector by 20% over the next three years, cut down imports by 30%, and create over 500,000 jobs in the short term.
Khalil Halilu, Executive Vice Chairman of the National Agency for Science and Engineering Infrastructure (NASENI), also called the policy a “game-changer” for local manufacturing because the government is one of the biggest buyers in the market. This policy, shifting the focus away from importation, could mean insane patronage for Nigerian-made goods.
Why is this a big deal?
For a country like Nigeria, ₦3 trillion annually isn’t beans. In 2023 alone, we spent $49.43 billion importing goods into the country. In 2024, we spent ₦12.48 trillion importing fuel, despite being an oil-rich country. It’s about time someone breaks the importation curse, and if Tinubu wants to be the hero, we’re not mad at it.
This policy could finally force us to start eating what we grow, wearing what we make (not those Amaka two-pieces that cost ₦700,000, though), and building with what we produce. It means Nigerian companies might stop getting sidelined in favour of foreign alternatives that are not necessarily better. In the long run, if government contracts start going to local businesses, we might just see real industrial growth for once.
It’s also a shift from vibes-based economics to something more intentional. Instead of waiting for foreign investors to see potential in us, we might as well invest in our own people. With over 500,000 potential new jobs on the line, that’s not just policy; that’s an actual growth strategy.
The prospect sounds exciting, but as always, it all boils down to execution. If the Tinubu-led administration actually pulls this off, we just might apologise for that one time we said his face card was declining faster than the naira.
Nigeria and China are partnering up to make electric cars available to you
Realistically speaking, you’re probably never going to be able to afford a Tesla car as an average Nigerian, but the federal government and its good friends in China plan to help you afford something close.
According to a statement released on Sunday, May 18, by Segun Tomori, media aide to the Minister of Solid Minerals, Dr. Dele Alake, China is planning to set up Electric Vehicle (EV) factories and other manufacturing ventures in Nigeria. The China-Nigeria economic ship has been sailing for a minute now, producing $20 billion in 2024.
China’s Ambassador to Nigeria, Yu Dunhai referenced the bromance-level meetings between Presidents Tinubu and President Xi Jinping of China, and added that the partnership is going to help Africa become more industrial.
Earlier this year, Nairametrics reported that electric vehicles are being sold in Nigeria, with prices ranging from ₦12 million to ₦150 million. Now that there’s a plan to make them in Nigeria, we expect them to cost less.
It’s low-key giving Wakanda, but we can’t say no to anything made in Nigeria.
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