The Federal Executive Council (FEC) has approved the construction of a new headquarters for the Bank of Industry (BoI) at Eko Atlantic City, Lagos, signalling a major push to modernise Nigeria’s industrial and financial infrastructure.
The approval was announced by the Minister of State for Industry, Trade and Investment, Senator John Enoh, after Wednesday’s FEC meeting chaired by President Bola Tinubu at the State House, Abuja.
Enoh said the council considered and approved five key memoranda from his ministry, three on industrial development and two on trade and investment.
BoI Headquarters Gets Federal Approval
Enoh confirmed that the Bank of Industry project received full approval for a design-and-build contract. “Council approved the award of contract for the design and build of the Bank of Industry headquarters in Eko Atlantic City,” he said.
The new headquarters is expected to strengthen the BoI’s capacity to finance industrial growth, SMEs, and export-driven manufacturing.
FEC Approves N58bn for 200 Electric Buses
The council also approved the purchase of 200 electric buses for the National Automotive Design and Development Council (NADDC) at a cost of N58 billion.
Enoh said the move aligns with the administration’s clean-energy transition and broader efforts to deepen Nigeria’s automotive sector. “This supports our strategy to strengthen the automotive ecosystem and promote cleaner energy,” he added.
Nigeria Industrial Policy 2025 Gets Final Approval
The minister described the approval of the Nigeria Industrial Policy 2025 as the most significant outcome of the meeting.
He noted that Nigeria’s lack of an updated industrial policy had previously stalled engagement with global development partners. “Many partners would not even listen to us because there was no industrial policy. This approval is extremely significant,” Enoh said.
The new policy is designed to support President Tinubu’s economic diversification agenda under the administration’s eight-point policy framework.
Lekki Medical Tourism Park Roads Approved
On trade and investment matters, FEC also approved the construction of internal and access roads within the Lekki Medical Tourism Park, strengthening infrastructure around one of Lagos’ emerging investment clusters.
Nigeria to Host Intra-African Trade Fair
Enoh confirmed that Nigeria has been officially selected to host the next Intra-African Trade Fair (IATF) after a competitive bidding process.
Lagos will serve as the host city, with the Lagos Creative and Cultural Centre (the former National Arts Theatre) designated as the main venue. Hosting the IATF is expected to boost Nigeria’s profile under the AfCFTA framework and support ongoing industrialisation efforts in collaboration with UNIDO.
