Abuja: The Federal Executive Council (FEC) on Wednesday approved the adoption of the Nigeria Industrial Policy and the purchase of 200 electric buses for the NADDC to boost industrial development. The Minister of State for Industry, Trade and Investment, Sen. John Enoh, disclosed this while briefing State House Correspondents after the FEC meeting presided over by President Bola Tinubu in Abuja.
According to News Agency of Nigeria, Enoh stated that three approved memoranda focused on industry, while two addressed trade and investment matters. He mentioned, “The Federal Executive Council today approved five memos that relate to the Ministry of Industry, Trade and Investment.” The first memo considered and approved was the award of a contract for the supply of 200 units of electric buses at the cost of N58bn for the National Automotive Design and Development Council. The project aligns with the administration’s efforts to strengthen Nigeria’s automotive infrastructure and drive industrial expansion.
Enoh also announced that FEC approved the design and construction of the Bank of Industry headquarters at Eko Atlantic City in Lagos. “Council approved the award of contract for the design and build of the Bank of Industry headquarters in Eko Atlantic City,” he said. The minister described the approval of the Nigeria Industrial Policy 2025 as the most significant decision reached at the meeting, explaining that it provides the framework that will guide industrial growth and development.
He further noted that development partners had withheld engagements due to the absence of an updated national industrial framework. “Many of our development partners would not even listen to us because there was no industrial policy, so this approval is extremely significant,” Enoh added. He emphasized that the new policy supports Tinubu’s economic diversification agenda under the administration’s eight-point policy framework.
On trade and investment, Enoh revealed that the council approved a contract for internal and access roads at the Lekki Medical Tourism Park in Lagos. “The approval for the construction of internal and access roads within the Lekki Medical Tourism Park was granted,” he stated. Additionally, Nigeria’s selection to host the Intra-African Trade Fair was formally reported to the council, with Lagos chosen as the host city and the Lagos Creative and Cultural Centre, formerly the National Arts Theatre, designated as the main venue.