FEC Approves N187.8 Billion for New Bank of Industry Headquarters at Eko Atlantic City

The Federal Executive Council (FEC) has officially approved the contract for the design and construction of the new headquarters for the Bank of Industry (BoI) at the prestigious Eko Atlantic City, Lagos.

This significant infrastructure project aligns with the Federal Government’s renewed focus on strengthening the country’s industrial and financial ecosystem.

The Council approved a sum of N187.8 billion ($130 million) for the execution of the project. The contract covers both the architectural design and the full construction of the new BoI corporate office.

The approval was announced on Wednesday, December 10, 2025, by the Minister of State for Industry, Trade and Investment, Senator John Enoh, following the FEC meeting.

The headquarters will be situated in Eko Atlantic City—a massive, privately-funded urban development on land reclaimed from the Atlantic Ocean, designed to be West Africa’s new financial hub.

The new edifice is intended to serve as a central, modern hub to support the BoI’s expanding mandate in industrial financing, support for Small and Medium-sized Enterprises (SMEs), and promoting export-oriented manufacturing, as outlined in the newly approved Nigerian Industrial Policy 2025.

Locating the headquarters in Eko Atlantic City places the bank alongside major financial players like First Bank (which is also building its headquarters there) and other key institutions.

This move is designed to signal the bank’s alignment with international best practices and its critical role in Nigeria’s finance and business ecosystem.

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