In a series of groundbreaking decisions, the Federal Executive Council (FEC) concluded its meeting today, May 14, 2024, charting a new course for Nigeria’s economic development and infrastructure growth.
1. Revolutionizing Infrastructure and Housing: FEC endorsed a set of initiatives aimed at revitalizing Nigeria’s Infrastructure and Housing sector through Public-Private Partnerships. These initiatives, backed by the government, seek to unlock approximately N2 trillion in investments. Inspired by past successes, the government envisions providing affordable homeownership opportunities to ordinary Nigerians through 25-year mortgages at low-interest rates. By partnering with private institutional investors, the government aims to expedite the delivery of critical infrastructure projects, fostering job creation and inclusive growth.
2. Airport Toll Policy: In a move to enhance revenue generation and streamline operations, FEC approved the imposition of tolls at all Federal airports across the country. Notably, this policy includes all users, including the President and Vice President of Nigeria.
3. Ban on Sand Dredging: Recognizing the environmental hazards associated with sand dredging near Federal bridges, FEC announced a ban on such activities within a 10-kilometer radius of all Federal bridges nationwide.
4. Visa Policy Review: With a focus on promoting tourism and facilitating business activities, FEC mandated a comprehensive review of Nigeria’s visa policy. The goal is to streamline the visa application process, allowing tourists, business people, and creative professionals to obtain visas online within 48 hours. Additionally, the council discussed the possibility of waiving visas for citizens of select countries.
5. Enhancing Airport Safety: FEC granted approval for the supply, installation, and training of operators for disabled aircraft recovery systems at Murtala Muhammed Airport in Lagos, emphasizing the importance of ensuring safety and efficiency in air travel.
6. Expanding Internet Connectivity: Recognizing the pivotal role of internet connectivity in driving economic growth, FEC approved the creation of a Special Purpose Vehicle (SPV) on a PPP basis to develop 90,000 kilometers of fiber optic cable, aiming to increase Nigeria’s internet connectivity by 60-70 percent.
7. Reconciliation and Expansion of Remittances: FEC endorsed consultancy services for the reconciliation and expansion of remittances to the National Information Technology Development Agency (NITDA), underscoring the government’s commitment to leveraging technology for national development.
8. Establishing Digital Technology Exchange Hub: The Ministry of Communications received approval to convert a Nigerian government-owned property in San Francisco, USA, into a Nigerian Digital Technology Exchange Programme Hub, signaling Nigeria’s commitment to fostering innovation and collaboration in the digital space.
9. Infrastructure Development in Abuja: FEC approved contracts for the construction of bus terminals and transport facilities in Abuja, as well as the upgrade of the Kwaita-Yebu Road in the Kuje Area Council of Abuja, and the building of the Court of Appeal Abuja Division, demonstrating the government’s commitment to enhancing infrastructure and access to justice across the nation’s capital.
10. Transport Infrastructure: FEC awarded contracts for the building of bus terminals and other transport facilities in the Federal Capital, Abuja. Terminals will be built within 15 months at Kugbo, Abuja Central Business District, and Mabushi. The project, valued at N51 billion, will be executed by Planet Projects Nigeria Limited, leveraging their experience from similar projects in Lagos and Oyo states.
11. Road Infrastructure Upgrade: FEC approved a contract to upgrade the Kwaita-Yebu Road in the Kuje Area Council of Abuja at a cost of N7.6 billion. The project, awarded to Messrs El & Matt Nigeria Limited, is expected to be completed within 18 months, further improving transportation infrastructure in the nation’s capital.
