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, signaling a major step in the government’s plan to strengthen Nigeria’s industrial and financial infrastructure.
Minister of State for Industry, Trade and Investment, Senator John Enoh, announced the approval on Wednesday after the FEC meeting presided over by President Bola Tinubu in Abuja. He said the council considered five key memoranda, three focused on industrial development and two on trade and investment.
Enoh confirmed that the BoI project received formal approval, with the new headquarters set to serve as a central hub for financing industrial growth, small and medium-scale enterprises, and export-oriented manufacturing. As part of broader industrial reforms, the council also approved the purchase of 200 electric buses for the National Automotive Design and Development Council (NADDC) at a cost of N58 billion, a move aimed at strengthening Nigeria’s automotive ecosystem while promoting cleaner energy solutions.
The council further approved the Nigeria Industrial Policy 2025, which Enoh described as a critical framework to guide industrial growth and development. He noted that the absence of an updated industrial policy had previously hindered engagement with international partners and donors. On trade and investment matters, the FEC approved the construction of internal and access roads within the Lekki Medical Tourism Park in Lagos and confirmed that Nigeria has been selected to host the Intra-African Trade Fair, with the Lagos Creative and Cultural Centre designated as the main venue.
Enoh said hosting the trade fair strengthens Nigeria’s strategic position within the African Continental Free Trade Area (AfCFTA) and complements ongoing industrialisation programmes in collaboration with the United Nations Industrial Development Organisation (UNIDO). Last week, the FEC approved the 2026–2028 Medium-Term Expenditure Framework, projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion from government-owned enterprises.
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