The Federal Executive Council (FEC) has approved the construction of a new headquarters for the Bank of Industry (BoI) at Eko Atlantic City, Lagos, a significant milestone in the government’s efforts to strengthen Nigeria’s industrial and financial architecture.
Minister of State for Industry, Trade and Investment, Senator John Enoh, disclosed this on Wednesday while briefing State House correspondents after the council meeting presided over by President Bola Tinubu in Abuja. He said FEC considered five memos from his ministry, three on industrial development and two on trade and investment.
BoI to Build New Headquarters in Eko Atlantic City
Enoh confirmed that council approval was granted for the design-and-build contract of a modern BoI headquarters.
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“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 edifice is expected to enhance the BoI’s capacity to support industrial growth, scale lending to SMEs, and deepen financing for export-driven manufacturing.
FEC Endorses Purchase of 200 Electric Buses
As part of efforts to reform the automotive sector and accelerate Nigeria’s clean energy transition, FEC also approved the procurement of 200 electric buses for the National Automotive Design and Development Council (NADDC) at a cost of ₦58 billion.
Enoh said the initiative aligns with the administration’s commitment to strengthen the local automotive value chain while promoting environmentally sustainable transport solutions.
Nigeria Industrial Policy 2025 Gets Final Approval
One of the most pivotal decisions of the meeting, Enoh noted, was the approval of the Nigeria Industrial Policy 2025.
“This policy provides the framework that will guide industrial growth and development,” he announced, adding that its absence had previously stalled donor engagement and international cooperation.
Enoh said the policy directly supports President Tinubu’s economic diversification goals under the administration’s eight-point agenda.
Lekki Medical Tourism Park Infrastructure, IATF Hosting Also Approved
On trade and investment, FEC approved the construction of internal and access roads within the Lekki Medical Tourism Park in Lagos, a project aimed at positioning the city as a regional hub for world-class medical services.
The minister also announced Nigeria’s confirmation as the host of the next Intra-African Trade Fair (IATF) following a competitive continental bidding process.
Lagos has been selected as the host city, with the Lagos Creative and Cultural Centre, formerly the National Arts Theatre designated as the main venue.
Enoh said hosting the IATF would boost Nigeria’s standing within the African Continental Free Trade Area (AfCFTA) and advance ongoing industrialisation initiatives being implemented with support from the United Nations Industrial Development Organisation (UNIDO).
The approvals come a week after FEC endorsed the 2026–2028 Medium-Term Expenditure Framework, which outlines Nigeria’s fiscal direction for the next three years. Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the Federal Government expects total revenues of ₦34.33 trillion in 2026, including ₦4.98 trillion from government-owned enterprises.
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