The Federal Executive Council (FEC) has approved the design and construction of a new headquarters for the Bank of Industry (BoI) at Eko Atlantic City, Lagos, marking a major step in the Federal Government’s drive to reposition Nigeria’s industrial and financial infrastructure.
The approval was announced on Wednesday by the Minister of State for Industry, Trade and Investment, Senator John Enoh, while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu in Abuja.
According to Enoh, the council approved five key memoranda relating to the ministry, with three focused on industrial development and two on trade and investment.
BoI Headquarters project gets greenlight
Enoh confirmed that the BoI project received formal approval from the council.
“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 serve as a central hub for the BoI’s expanded role in financing industrial growth, small and medium-scale enterprises, and export-oriented manufacturing.
FEC approves purchase of 200 electric buses
As part of broader industrial and automotive sector reforms, the council also approved the purchase of 200 electric buses for the National Automotive Design and Development Council (NADDC).
“The first memo that was considered and approved was the award of a contract for the supply of 200 units of electric buses at the cost of N58 billion for the National Automotive Design and Development Council,” Enoh said.
He explained that the project aligns with the administration’s strategy to strengthen Nigeria’s automotive ecosystem while promoting cleaner energy solutions and industrial expansion.
Nigeria industrial policy 2025 approved
Enoh described the approval of the Nigeria Industrial Policy 2025 as the most consequential outcome of the FEC meeting.
“The Nigeria Industrial Policy 2025 was finally approved today, and it provides the framework that will guide industrial growth and development,” he said.
He noted that the absence of an updated industrial policy had previously hindered international partnerships and donor engagement.
“Many of our development partners would not even listen to us because there was no industrial policy, so this approval is extremely significant,” Enoh added.
He said the policy directly supports President Tinubu’s economic diversification agenda under the administration’s eight-point policy framework.
Lekki medical tourism park, trade fair hosting approved
On trade and investment matters, Enoh disclosed that FEC approved the construction of internal and access roads within the Lekki Medical Tourism Park in Lagos.
“The approval for the construction of internal and access roads within the Lekki Medical Tourism Park was granted,” he said.
He also confirmed that the council was formally briefed on Nigeria’s selection to host the Intra-African Trade Fair (IATF).
“Nigeria has officially been selected to host the Intra-African Trade Fair after a competitive bidding process,” Enoh stated.
Lagos chosen as host city
According to the minister, Lagos will host the trade fair, with the Lagos Creative and Cultural Centre (former National Arts Theatre) designated as the main venue.
He said hosting the IATF strengthens Nigeria’s strategic position within the African Continental Free Trade Area (AfCFTA) framework and complements ongoing industrialisation programmes being implemented in collaboration with the United Nations Industrial Development Organisation (UNIDO).
What you should know
Last week, the Federal Executive Council (FEC) approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years.
The Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises.
What has BOI got to benefit from constructing it in Eko Atlantic City, Lagos