Nigeria First Policy is key protection for ambitious entrepreneurs, says Zinox Group chairman

Leo Stan Ekeh, Chairman of the Zinox Group, has declared the Nigeria First Policy a vital safeguard for creatively ambitious Nigerian entrepreneurs. Speaking at the Nigerian Bar Association's 66th Annual General Conference, Ekeh argued that Nigeria cannot foster a sustainable digital economy if its indigenous businesses are consistently overlooked in favor of foreign competitors.

Ekeh advocates for a policy framework that compels government Ministries, Departments, and Agencies (MDAs) to prioritize Nigerian-made goods, services, and innovations, provided local capacity meets required standards for global competitiveness. He believes this policy extends beyond mere protection, fostering a dependable domestic market for local innovators, reducing reliance on imported technology, and retaining significant economic value within Nigeria.

By granting credible indigenous businesses greater access to public procurement opportunities, Ekeh posits that government spending can become a powerful engine for investment, innovation, skills development, and sustainable job creation. This approach ensures that public funds contribute directly to the nation's economic growth and technological advancement.

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Nigeria cannot build a sustainable digital economy if indigenous businesses are consistently pushed aside in favour of foreign alternatives.

The discussion also touched upon the transformative impact of digital systems in public contracting. Ekeh noted the increasing importance of e-procurement platforms, government cloud infrastructure, data protection measures, and digital audit trails in enhancing transparency, accountability, and efficiency. These digital tools are crucial for minimizing opportunities for manipulation and creating clear records of procurement processes.

However, Ekeh stressed that the effectiveness of such policies hinges on enforcement. He called for stronger oversight, including sanctions by the Bureau of Public Procurement, against entities that fail to comply with procurement requirements. The legal profession also plays a critical role, with lawyers needing to understand the intersection of technology, procurement, and regulation.

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By giving credible indigenous businesses greater opportunities to participate in public procurement, government spending can become a powerful catalyst for investment, innovation, skills development and sustainable job creation.