The Federal Government of Nigeria has approved the design and construction of a new headquarters for the Bank of Industry (BoI) at Eko Atlantic City in Lagos, signalling a renewed push to strengthen Nigeria’s industrial and financial architecture.
The approval was disclosed on Wednesday by the Minister of State for Industry, Trade and Investment, Senator John Enoh, while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Enoh said the council considered five key memoranda from the ministry, three of which focused on industrial growth and two on trade and investment. Among the submissions, the proposal for the BoI headquarters received full approval.
He stated, “Council approved the award of contract for the design and build of the Bank of Industry headquarters in Eko Atlantic City.”
The new headquarters is expected to serve as a central hub for the Bank of Industry’s expanding mandate, particularly in supporting industrial development, financing small and medium-scale enterprises (SMEs), and driving export-focused manufacturing across the country.
In a separate approval, the FEC endorsed the acquisition of 200 electric buses for the National Automotive Design and Development Council (NADDC) at a total cost of N58 billion. The initiative is part of a broader automotive-sector strategy aimed at promoting cleaner mobility solutions, strengthening local vehicle production capacity, and advancing Nigeria’s transition to sustainable energy.
According to the minister, the decision underscores the administration’s commitment to modernising Nigeria’s industrial infrastructure and accelerating the growth of local industries through investments in innovation, green technology, and strategic public projects.
The approvals, he added, reflect the government’s resolve to build a more competitive industrial environment while positioning Nigeria to benefit from emerging global shifts toward renewable energy and advanced manufacturing.
