FEC Approves Industrial Policy 2025, Electric Buses,, Key Lagos Infrastructure Projects
The Federal Executive Council (FEC) on Wednesday approved five major memoranda from the Ministry of Industry, Trade and Investment, signaling a bold push to advance Nigeria’s industrialisation, modernise transport, and enhance infrastructure in Lagos.
Among the approved items is the long-awaited Nigerian Industrial Policy 2025, a framework designed to guide the nation’s industrial growth over the next decade.
The policy focuses on five strategic pillars: industrial infrastructure and competitiveness, value-chain and sectoral diversification, investment promotion and improved business environment, innovation and digital industrialisation, and sustainability with climate resilience.
Officials said the policy aims to foster local manufacturing, attract investment, create jobs, and reduce dependence on oil revenues.
FEC also approved the procurement of 200 electric buses, a move intended to modernise Nigeria’s public transport system and support local automotive manufacturing.
The vehicles will be supplied under the government’s “Nigeria First” policy, which prioritises locally manufactured products. The project, valued at ₦58 billion, is expected to stimulate the domestic automotive sector while promoting environmentally friendly transportation.
In addition, the Council sanctioned the construction of a new Bank of Industry (BOI) headquarters in Eko Atlantic City, Lagos, at a cost of ₦187.8 billion. The project is part of broader efforts to strengthen institutional capacity and support Nigeria’s industrial financing infrastructure.
Other infrastructure approvals included the development of internal roads within the Lekki Medical Tourism Park in Lagos and associated access routes, enhancing the city’s investment and economic zones. These projects are aimed at improving connectivity and creating a more conducive environment for investors and businesses.
Finally, FEC confirmed Nigeria’s hosting of the next Intra-African Trade Fair (IATF) in Lagos, reinforcing the country’s position as a continental trade and industrial hub under the African Continental Free Trade Area (AfCFTA).
Government officials emphasised that these approvals reflect the administration’s commitment to industrialisation, innovation, and sustainable economic growth. However, analysts note that the success of these initiatives will depend heavily on efficient implementation, timely delivery, and effective local content enforcement to ensure tangible benefits for Nigeria’s economy and workforce.
