Federal Executive Council Concludes Two-Day Meeting, Unveils Key Policies

The Federal Executive Council wrapped up its two-day meeting on Tuesday, May 14, 2024, announcing a series of policies and projects aimed at bolstering Nigeria’s economy and enhancing the ease of doing business in the country.

Here are the major highlights from the meeting:

Infrastructure and Housing Sector Boost: The council endorsed a set of initiatives, projected to generate approximately N2 trillion, to revolutionize Nigeria’s infrastructure and housing sector through Public-Private Partnerships. The aim is to provide affordable homeownership opportunities and create jobs while fostering inclusive growth and long-term productivity enhancement.

Airport Toll Implementation: All users of Federal airports across Nigeria are now required to pay tolls at the gates, including the President and Vice President.

Ban on Sand Dredging: A ban on sand dredging within a 10-kilometer radius of all Federal bridges in the country was announced.

Visa Policy Review: A 4-week deadline was set for the review of the visa policy to facilitate easier access for tourists, business people, and creative professionals visiting Nigeria. The review includes provisions for online visa applications with a turnaround time of 48 hours and possible waivers for holders of visas from select countries.

Disabled Aircraft Recovery System: Approval was granted for the supply, installation, and training of operators of a disabled aircraft recovery system at Murtala Muhammed Airport in Lagos, with a contract value of N4.2 billion.

Expansion of Internet Connectivity: A Special Purpose Vehicle (SPV) will be established on a PPP basis to develop 90,000 kilometers of fiber optic cable, aiming to increase Nigeria’s internet connectivity by 60-70 percent.

Consultancy Service for Remittance Expansion: The council approved a consultancy service for the reconciliation and expansion of remittances to the National Information Technology Development Agency (NITDA).

Conversion of Property in the USA: The property at 324 Jackson Street, San Francisco, USA, owned by the Nigerian government, will be converted into a Nigerian Digital Technology Exchange Programme Hub, valued at close to $7 million.

Transport Facilities Development: Contracts were awarded for the building of bus terminals and other transport facilities in Abuja, with a total project cost of N51 billion.

Road and Infrastructure Projects: Various road and infrastructure projects across the country were approved, including the reconstruction of highways and the construction of bypasses and superhighways, with total project costs amounting to billions of naira.

The Federal Executive Council reiterated its commitment to driving sustainable development and economic progress for all Nigerians through these strategic initiatives.