The Nigeria Employers’ Consultative Association (NECA) has expressed concern over the feasibility of the Federal Government’s Nigeria First policy, warning that without critical economic and structural reforms, the initiative may backfire on both consumers and local producers.
Speaking at a press briefing ahead of the 4th Nigeria Employers’ Summit, NECA Director-General, Mr. Adewale-Smatt Oyerinde, described the policy as misaligned with current market realities and cautioned that its implementation could breach existing trade agreements, notably under the African Continental Free Trade Area (AfCFTA).
“You cannot decree patriotism in an open market without first creating a competitive environment,” Oyerinde said. “Insisting on the consumption of Nigerian-made goods without addressing the underlying issues of cost, infrastructure, and regulation puts consumers at a disadvantage.”
He explained that policies promoting local consumption must be accompanied by interventions that lower the cost of domestic production. Using a simple market comparison, he noted that if a locally produced good is more expensive than its imported counterpart, consumers—especially those facing dwindling purchasing power—will choose the cheaper option, regardless of national sentiment.
“A chocolate bar produced locally at ₦5 cannot compete with an imported version priced at ₦3. Until we fix issues like power supply and regulatory inefficiencies, local products will continue to struggle,” he added.
Oyerinde emphasised that the upcoming Nigeria Employers’ Summit, scheduled for later this month, will provide a platform for in-depth dialogue on such policy issues. The summit aims to generate practical recommendations that can help align national development strategies with the realities of both producers and consumers.
He described the summit as Africa’s largest employer advocacy forum, with the capacity to influence economic policy through engagement with government, private sector leaders, and international partners.
“Our goal is to spark both macro and micro-level conversations that lead to actionable reforms. Only then can policies like Nigeria First become viable,” he concluded.
As economic conditions remain tight and Nigeria navigates its role in regional trade, stakeholders are calling for a pragmatic balance between protectionist ambitions and global trade commitments.
