The approvals were announced by the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, after Wednesday’s Council meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
Enoh revealed that three of the memos were industry-related, while two centred on trade and investment.
₦58bn Approved for 200 Electric Buses
The Minister disclosed that FEC approved the purchase of 200 electric buses for the National Automotive Design and Development Council (NADDC).
He explained that the Bureau of Public Procurement (BPP) had vetted and cleared the contract value, adding that the contractor has a proven history of local electric vehicle assembly in line with the “Nigeria First” procurement directive.
₦187.8bn for BOI Headquarters at Eko Atlantic
FEC also approved the sum of ₦187.8 billion for the design and construction of a new Bank of Industry headquarters at Eko Atlantic City, Lagos.
Enoh said the project aligns with BOI’s expanding mandate in supporting industrial growth and nationwide economic development.
Nigeria Industrial Policy 2025 Adopted
Describing it as “the most significant approval of the day,” the Minister announced the adoption of the Nigerian Industrial Policy 2025 — a nationally aligned and internationally validated blueprint that will guide the country’s industrialisation agenda.
The policy is anchored on five pillars:
- Industrial infrastructure and competitiveness
- Sector diversification and value-chain expansion
- Investment promotion and business climate reforms
- Innovation, technology and digital industrialisation
- Sustainability, green growth and climate resilience
The Minister reiterated that the policy aligns with President Tinubu’s Eight-Point Agenda and provides a clear roadmap for Nigeria’s industrial future.
