The Federal Executive Council (FEC), presided over by President Bola Ahmed Tinubu, on Wednesday approved five major memoranda presented by the Ministry of Industry, Trade and Investment, including the long-awaited Nigerian Industrial Policy 2025, the procurement of 200 electric buses, and the construction of a new headquarters for the Bank of Industry (BOI) in Lagos.
Briefing State House correspondents after the meeting, Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, disclosed that three of the approvals were industry-related while two focused on trade and investment.
In what the minister described as “the most significant approval of the day,” the Council formally adopted the Nigerian Industrial Policy 2025.
Developed in collaboration with national and international partners, including the United Nations Development Programme (UNDP), the policy aligns with President Tinubu’s Eight-Point Agenda and provides a clear roadmap for investors in Nigeria’s industrial future.
The policy rests on five strategic pillars:
- Industrial infrastructure development and competitiveness
- Sectoral diversification and value-chain development
- Investment promotion and business-environment reforms
- Innovation, technology, and digital industrialisation
- Sustainability, green growth, and climate resilience
It includes targeted interventions such as strengthening industrial clusters, upgrading infrastructure in special economic zones, facilitating technology transfer, and enhancing local content in manufacturing.
In another major decision, FEC approved the supply of 200 electric buses to the National Automotive Design and Development Council (NADDC) at a contract sum of N58 billion.
The Bureau of Public Procurement (BPP) has reviewed and cleared the contract, which was awarded to a contractor with proven capacity for local electric vehicle assembly, in line with the government’s “Nigeria First” procurement policy.
The Council also approved N187.8 billion for the design and construction of a new Bank of Industry headquarters at Eko Atlantic City, Lagos, to support the bank’s expanded role in driving national industrialisation.
Responding to questions about the presidential directive requiring ministries, departments, and agencies (MDAs) to patronise locally manufactured vehicles, Senator Enoh said implementation is progressing gradually and is already in motion.
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