February 10, 2025
Vunoklang, Hayin Gada, Off Mubi Road, jimeta - Yola, Adamawa State, Nigeria
News

House of Representatives Passes Local Industry Patronage Bill to Boost Nigerian Manufacturers

By

Oduyemi Odumade

 

House of Representatives has passed the Local Industry Patronage Bill, 2024, through its second reading, aiming to prioritize local manufacturers and indigenous companies in government procurement.

 

The bill Sponsored by Member representing Oshodi/ Isolo Federal Constituency II, of Lagos State, Jesse Okey-Joe Onuakalusi, seeks to promote “made in Nigeria” goods and services, reducing reliance on imports and fostering economic self-reliance.

 

The legislation will mandate preference for local goods and services in government procurement, promotes Nigerian companies, particularly in oil and gas, and encourages research and development in indigenous goods and services.

 

Co-sponsored by Obi Aguocha and Nnamdi Ezechi, It will also aims to attract foreign and local investment, create jobs, and stimulate economic growth.

 

Onuakalusi who stated further that the bill will strengthen the Nigerian currency, promote talented industrialists, and help Nigeria compete globally described it as a crucial step towards Nigeria’s economic independence.

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