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.
He said three approved memoranda focused on industry, while two addressed trade and investment matters.
Enoh said, “The Federal Executive Council today approved five memos that relate to the Ministry of Industry, Trade and Investment.”
“The first memo that was 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.”
He said the project aligned with the administration’s efforts to strengthen Nigeria’s automotive infrastructure and drive industrial expansion.
Enoh said FEC also 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.
“The Nigeria Industrial Policy 2025 was finally approved today, and it provides the framework that will guide industrial growth and development,” he explained.
Enoh said 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,” he added.
Enoh said the new policy supports Tinubu’s economic diversification agenda under the administration’s eight-point policy framework.
On trade and investment, he said 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 said.
He added that Nigeria’s selection to host the Intra-African Trade Fair was formally reported to the council.
“Nigeria has officially been selected to host the Intra-African Trade Fair after a competitive bidding process,” he stated.
Enoh said Lagos was chosen as the host city, with the Lagos Creative and Cultural Centre, formerly the National Arts Theatre, designated as the main venue.
He said hosting the event strengthens Nigeria’s position within the African Continental Free Trade Area framework and aligns with ongoing industrialisation programmes being implemented with UNIDO.
