The Federal Executive Council (FEC) has approved financing packages totaling approximately $2.76 billion, €200 million, and N215 billion to fund projects across transportation, agriculture, renewable energy, infrastructure, and support for micro, small, and medium-sized enterprises (MSMEs).
The approvals were announced after the latest FEC meeting chaired by President Bola Tinubu, with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stating that the funding aligns with the administration’s Renewed Hope Agenda and is intended to drive economic growth through strategic investments.
According to the minister, the approved financing is divided into five priority areas aimed at improving productivity, reducing transportation costs, strengthening food production, expanding access to clean energy, and increasing financial support for small businesses.
Among the approvals is N215 billion for the Presidential Compressed Natural Gas (CNG) Initiative, which will fund CNG-powered buses, electric vehicles, tricycles, and conversion centres.
The Council also approved $900 million for agricultural development, including investments in Special Agro-Industrial Processing Zones, rural technical training, and agricultural value chains.
To improve electricity access in rural communities, $160 million was approved for solar electrification projects, comprising $150 million from the Islamic Development Bank and $10 million in counterpart funding.
Additionally, $1.2 billion was approved for the second section of the Sokoto–Badagry Super Highway, while €200 million and $500 million will be provided through the Development Bank of Nigeria to expand affordable financing for MSMEs.
The government said the Sokoto–Badagry Super Highway will improve transportation and trade across 11 states, enhance logistics, and strengthen economic integration nationwide.
The latest approvals reflect the Federal Government’s continued efforts to leverage development financing to accelerate infrastructure projects, boost agricultural productivity, expand renewable energy, and improve access to credit for small businesses.
