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, in what officials describe as a major step toward repositioning Nigeria’s industrial and financial infrastructure.
The announcement was made on Wednesday by the Minister of State for Industry, Trade and Investment, Senator John Enoh, after the FEC meeting presided over by President Bola Tinubu in Abuja.
Enoh said the council considered five key memoranda from his ministry, three focused on industrial development and two on trade and investment.
“Council approved the award of contract for the design and build of the Bank of Industry headquarters in Eko Atlantic City,” Enoh confirmed.
The new headquarters is expected to serve as a hub for financing industrial growth, small and medium-scale enterprises, and export-oriented manufacturing.
Electric Buses and Industrial Policy
The council also approved the purchase of 200 electric buses for the National Automotive Design and Development Council (NADDC) at a cost of ₦58 billion.
Enoh explained that the project aligns with the administration’s strategy to strengthen Nigeria’s automotive ecosystem while promoting cleaner energy solutions.
Perhaps the most consequential decision of the meeting was the approval of the Nigeria Industrial Policy 2025.
“The Nigeria Industrial Policy 2025 was finally approved today, and it provides the framework that will guide industrial growth and development,” Enoh said.
He noted that the absence of an updated 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,” he added.
Lekki Medical Tourism Park and Trade Fair
On trade and investment matters, FEC approved the construction of internal and access roads within the Lekki Medical Tourism Park in Lagos. The minister also confirmed that Nigeria has been selected to host the Intra-African Trade Fair (IATF) after a competitive bidding process.
Lagos will host the trade fair, with the Lagos Creative and Cultural Centre (formerly the National Arts Theatre) designated as the main venue.
Enoh said hosting the IATF strengthens Nigeria’s 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).
The approvals come just a week after FEC endorsed the 2026–2028 Medium-Term Expenditure Framework (MTEF), a fiscal document outlining Nigeria’s revenue expectations and spending priorities for the next three years.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the government projects a total revenue inflow of ₦34.33 trillion in 2026, including ₦4.98 trillion expected from government-owned enterprises.
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