The Federal Executive Council (FEC) has approved financing arrangements worth about $2.96 billion, €200 million, and N215 billion to support projects in transportation, agriculture, power, infrastructure, and micro, small and medium enterprises. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, after the FEC meeting chaired by President Bola Tinubu on Monday.
Oyedele said the council approved N215 billion to complete investments under the presidential compressed natural gas initiative, including the procurement of CNG buses, electric vehicles, CNG-powered tricycles, and vehicle conversion centres. On agriculture, the minister said the council approved financing arrangements totalling $900 million for rural technical and vocational training, special agro-industrial processing zones, and agricultural value-chain projects.
The FEC also approved a $160 million facility for rural solar energy projects in Niger State, comprising $150 million from the Islamic Development Bank and $10 million in counterpart funding from the state government. The council also cleared a $1.2 billion financing facility for section two of the Sokoto-Badagry super highway, describing the project as critical to improving connectivity, easing logistics, and driving economic development across the 11 states along the corridor.
According to Oyedele, €200 million and $500 million in financing were approved through the Development Bank of Nigeria to improve access to affordable credit for MSMEs, stating that supporting that sector is supporting the country. The minister said the approvals were part of 14 memoranda presented by the ministry and are part of the government’s efforts to stimulate economic growth through strategic investments in critical sectors.
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