By John Umeh
The Federal Executive Council (FEC) has given the green light for the construction of a new state-of-the-art headquarters for the Bank of Industry (BoI) at Eko Atlantic City, Lagos—one of several major approvals aimed at accelerating Nigeria’s industrial and economic transformation.
The Minister of State for Industry, Trade and Investment, Senator John Enoh, announced the decisions on Wednesday while briefing journalists after the FEC meeting chaired by President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
Enoh said the council considered and approved five key memoranda from his ministry—three centred on industrial development and two focused on trade and investment.
BoI to Build New Corporate Headquarters in Eko Atlantic
The highlight of the meeting was the approval for the design-and-build contract for the BoI’s new headquarters.
“Council approved the award of contract for the design and build of the Bank of Industry headquarters in Eko Atlantic City,” Enoh confirmed.
The landmark building is expected to serve as the institution’s central operational base as it expands financing for industrial development, SMEs, export-driven manufacturing and innovation-driven enterprises.
FEC Approves 200 Electric Buses for NADDC
In a move aligned with the government’s clean energy and automotive development agenda, the council also approved the procurement of 200 electric buses for the National Automotive Design and Development Council (NADDC).
Enoh said the buses, valued at ₦58 billion, will help modernise Nigeria’s automotive ecosystem while promoting greener transportation solutions.
Nigeria Industrial Policy 2025 Gets Final Approval
One of the most consequential decisions of the day was the approval of the Nigeria Industrial Policy 2025, a blueprint that will guide industrialisation, strengthen investor confidence and shape development programmes for years to come.
“With this approval, Nigeria now has an updated industrial policy for the first time in years,” Enoh said.
He noted that the absence of such a policy had previously hindered partnerships with international development agencies.
The policy forms a key pillar of President Tinubu’s eight-point economic agenda and supports efforts to diversify the economy away from oil dependence.
Lekki Medical Tourism Park Infrastructure Approved
On trade and investment matters, FEC approved the construction of internal and access roads within the Lekki Medical Tourism Park in Lagos. The project is expected to enhance accessibility and accelerate development within the emerging medical tourism hub.
Nigeria to Host the Intra-African Trade Fair (IATF)
Enoh also disclosed that Nigeria has officially secured the hosting rights for the next Intra-African Trade Fair (IATF) after a competitive 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.
Hosting the fair, he said, reinforces Nigeria’s leadership within the African Continental Free Trade Area (AfCFTA) and deepens ongoing industrialisation partnerships with the United Nations Industrial Development Organisation (UNIDO).
Background: FEC Recently Approved 2026–2028 Fiscal Framework
The approvals come a week after FEC passed the 2026–2028 Medium-Term Expenditure Framework (MTEF). The Federal Government projects revenues of ₦34.33 trillion in 2026, with ₦4.98 trillion expected from government-owned enterprises, according to the Minister of Budget and Economic Planning, Senator Atiku Bagudu.
