Tinubu-led council greenlights major infrastructure, industrial and trade initiatives in Lagos and nationwide
The Federal Executive Council (FEC) has approved the design and construction of a new Bank of Industry (BoI) headquarters at Eko Atlantic City, Lagos, marking a significant move in the Federal Government’s efforts to upgrade Nigeria’s industrial and financial architecture.
The announcement was made on Wednesday by the Minister of State for Industry, Trade and Investment, Senator John Enoh, after a council meeting presided over by President Bola Tinubu at the State House, Abuja.
Enoh revealed that five memos from his ministry were considered during the meeting, three focused on industry and two on trade and investment.
BoI Headquarters Project Gets Council Approval
Enoh confirmed that FEC formally approved the contract for the design-and-build of the BoI headquarters within Eko Atlantic City.
“Council approved the award of contract for the design and build of the Bank of Industry headquarters in Eko Atlantic City,” Enoh told journalists.
The new office is expected to serve as a strategic base for the bank’s expanding mandate in supporting industrial growth, MSMEs, and export-oriented manufacturing ventures.
FG to Buy 200 Electric Buses for NADDC
In a move aligned with the administration’s clean mobility and industrial expansion agenda, FEC also endorsed the purchase of 200 electric buses for the National Automotive Design and Development Council (NADDC).
The minister disclosed that the project was approved at a cost of ₦58 billion.
According to him, the decision fits into ongoing reforms aimed at strengthening Nigeria’s automotive value chain while promoting sustainable energy solutions.
Nigeria Industrial Policy 2025 Gets Final Approval
Enoh described the endorsement of the Nigeria Industrial Policy 2025 as the most critical outcome of the FEC session.
“The Nigeria Industrial Policy 2025 was finally approved today, and it provides the framework that will guide industrial growth and development,” he said.
The minister added that the lack of an updated industrial policy had previously hindered Nigeria’s ability to secure development partnerships and donor-backed programmes.
He emphasised that the new policy is a core pillar of President Tinubu’s economic diversification strategy under the administration’s eight-point policy agenda.
Lekki Medical Tourism Park Roads Approved
On the trade and investment front, FEC approved the construction of internal and access roads within the Lekki Medical Tourism Park in Lagos.
Enoh also briefed the council on Nigeria’s successful bid to host the Intra-African Trade Fair (IATF).
Lagos to Host Africa’s Biggest Intra-Continental Trade Fair
The minister announced that Lagos will serve as the host city for the IATF, with the Lagos Creative and Cultural Centre (formerly the National Arts Theatre) designated as the main venue.
He noted that hosting the trade fair will strengthen Nigeria’s engagement under the African Continental Free Trade Area (AfCFTA) and support wider industrialisation projects implemented in partnership with the United Nations Industrial Development Organisation (UNIDO).
Background: Nigeria’s Fiscal Planning Continues
The latest approvals come a week after FEC endorsed the 2026–2028 Medium-Term Expenditure Framework (MTEF).
According to the Minister of Budget and Economic Planning, Senator Atiku Bagudu, the Federal Government projects ₦34.33 trillion in total revenue for 2026, including ₦4.98 trillion expected from government-owned enterprises.
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