The Federal Executive Council (FEC) yesterday approved a series of projects spanning industry, trade and aviation, including the purchase of 200 electric buses, adoption of a new national industrial policy and upgrades of navigational and safety equipment in airports across the country.
Speaking with reporters at the State House after the meeting presided over by President Bola Tinubu, the Minister of State for Industry, Trade and Investment, John Eno, and the Minister of Aviation and Aerospace Development, Festus Keyamo, outlined the approvals granted to their respective ministries.
Eno said five memos were considered for his ministry, with three relating directly to industrial development.
He said Council approved the supply of 200 electric buses, at the cost of N58 billion for the National Automotive Design and Development Council (NADDC), describing the decision as a significant boost to Nigeria’s automotive and green mobility aspirations.
He added that the design and construction of a new Bank of Industry (BoI) headquarters at Eko Atlantic City, Lagos, also received approval, at a total cost of N187 billion.
Meanwhile, Council endorsed the Nigerian Industrial Policy 2025, a document he said was crucial to attracting global development partners and guiding the country’s manufacturing and diversification agenda.
“When I came in, development partners would not engage us because we lacked an industrial policy. This document now gives Nigeria a proper guide for industrialisation and aligns with the President’s economic diversification drive,” he said.
On trade and investment matters, the minister said Council approved the construction of internal and access roads within the Lekki Medical Tourism Park, Lagos.
Nigeria, he added, had also been confirmed as host of the next Intra-African Trade Fair following a competitive bidding process in collaboration with Afreximbank.
Lagos will serve as host city, with the Wole Soyinka Centre for Culture and Creative Arts (formerly National Theatre, Iganmu) designated as the main venue.
“This is a huge event for the continent and positions Nigeria strongly within the African Continental Free Trade Area. It reinforces our ambition to become Africa’s hub for industrialisation rather than a dumping ground,” Eno said.
