The Nigerian Senate took a great step in stabilizing the country's economy and protecting its locally made goods as it passed into law the Public Procurement Act 2007 (amendment) bill 2016. The law makes it mandatory for government agencies to purchase and patronize made-in-Nigeria goods. The law will not only promote locally made products, it will also help stabilize the economy.The Senate President while considering a report on the bill said that the latest move by the hollow chamber is a good move in the right direction as it will help "in stimulating our economy, [as] we all have a role to play to ensure that the executive complies especially in the area of giving first priority to locally-produced goods.
"This has helped many countries to develop when they had issues of downturn in their economy. I believe that having over N3trn available to stimulate local production going on now. "One of the things that we have done today is also trying to shorten the process of awarding contracts; this will go a long way in helping budget implementation.
"It would go a long way in ensuring that most of the funds are available as quickly as possible and jobs are actually completed. I want to commend my colleagues for passing this bill."