Nigeria, May 6 -- President Bola Ahmed Tinubu's bold move to ban the purchase of foreign goods by government institutions has sparked strong support from key economic stakeholders, who say the policy could supercharge local industry, slash imports, and revive Nigeria's ailing economy.

The new directive, dubbed the "Nigeria First Policy", was approved at Monday's Federal Executive Council meeting at the Presidential Villa.

According to the directive, all ministries, departments, and agencies (MDAs) to procure only locally made goods and services.

This is geared towards cutting Nigeria's N16.6 trillion import bill, shore up the naira, and accelerate industrialization.

Minister of Information Mohammed Idris, who announced the policy, add...