The Federal Executive Council (FEC) has approved the design and construction of a new Bank of Industry headquarters in Eko Atlantic City, Lagos. The approval was announced by the Minister of State for Industry, Trade and Investment, Senator John Enoh, after Wednesday’s FEC meeting chaired by President Bola Tinubu in Abuja.
Okay News reports that Enoh said the council approved five memoranda from his ministry, with three focused on industrial development and two on trade and investment.
Enoh confirmed that the headquarters project received full approval. He said the new building will support the Bank of Industry’s expanding role in financing manufacturing, SMEs, and export-driven enterprises.
The council also approved the purchase of 200 electric buses for the National Automotive Design and Development Council. According to Enoh, the N58 billion project aligns with the government’s plan to strengthen the automotive sector and promote cleaner transportation.
Enoh described the approval of the Nigeria Industrial Policy 2025 as the meeting’s most significant outcome. He said the absence of an updated policy had previously limited international partnerships, noting that the new framework supports President Tinubu’s economic diversification agenda.
On trade and investment, FEC approved the construction of internal and access roads at the Lekki Medical Tourism Park. Enoh also confirmed that Nigeria has officially been selected to host the Intra-African Trade Fair, with Lagos chosen as the venue.
Last week, the council also approved the 2026–2028 Medium-Term Expenditure Framework. The government projects N34.33 trillion in revenue for 2026.
