Reported by: Ime Richard Aondofa | Edited by: Gabriel Osa
In a significant move aimed at reinforcing Nigeria’s industrial and financial infrastructure, Federal Executive Council (FEC) on Wednesday approved the design and construction of a new headquarters for the Bank of Industry (BOI) in Eko Atlantic City, Lagos. The approval — granted under the watch of Bola Ahmed Tinubu — forms part of a broader package of industrial reforms and infrastructure investments approved by the council during its meeting at the presidential villa in Abuja.
The contract, valued at ₦187.8 billion, was among five major memoranda submitted by the Ministry of Industry, Trade and Investment. The new headquarters is envisioned as a modern, purpose-built facility to support BOI’s growing mandate in financing manufacturing, supporting small and medium enterprises (SMEs), and facilitating export-oriented industrial growth.
According to the Minister of State for Industry, Trade and Investment, John Owan Enoh, the project aligns with the newly adopted Nigerian Industrial Policy 2025 — a comprehensive framework aimed at driving Nigeria’s industrial transformation, value-chain development, and economic diversification. The policy, he said, offers investors a clear roadmap for industrial growth, including infrastructure upgrades, support for technology and innovation, and stronger regulation to promote local manufacturing.
Formal approval of the BOI headquarters marks what Minister Enoh described as “the most significant approval of the day,” underscoring its central role in the government’s ambition to reposition Nigeria’s development-finance architecture. He added that the headquarters will serve as a central hub for BOI’s expanding role across Nigeria’s industrial sector.
Analysts say the decision could have far-reaching implications. By situating the headquarters in Eko Atlantic City — a fast-developing waterfront business district — the government appears to be signaling confidence in Lagos’s capacity to evolve into a regional financial and industrial hub. The new infrastructure could enhance BOI’s operational efficiency, provide a more visible and credible platform for industrial financing, and attract both domestic and international investors seeking stable institutional backing.
The approval also comes alongside other key FEC decisions, including the procurement of 200 electric buses under the automotive development agenda, reflecting a broader push for modern, sustainable infrastructure and economic reform.
Observers note that the new BOI headquarters, when completed, could serve as a tangible symbol of institutional renewal and commitment to industrial revitalisation in Nigeria. Its success — however — will depend on transparent execution, timely disbursement of funds, and alignment with the strategic goals laid out in the Nigerian Industrial Policy 2025.
📩 Stone Reporters News | 🌍 stonereportersnews.com
✉️ [info@stonereportersnews.com](mailto:info@stonereportersnews.com) | 📘 Facebook: Stone Reporters | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments