Federal Executive Council Unveils Comprehensive Plans for Economic Boost

Following an extensive meeting spanning two days, May 13th and 14th,  the Federal Executive Council (FEC) has revealed a broad array of policies and projects aimed at propelling Nigeria’s economic growth and improving the business environment.

In a bid to address Nigeria’s infrastructure and housing challenges, the council endorsed a series of initiatives leveraging Public-Private Partnerships (PPPs). These initiatives, valued at approximately N2 trillion, are geared towards transforming the infrastructure and housing sectors, fostering job creation, and promoting affordable homeownership.

Additionally, the FEC approved the implementation of tolls at all federal airport gates to enhance revenue generation and airport maintenance. Furthermore, a ban on sand dredging near federal bridges was announced to safeguard critical infrastructure.

Recognizing the importance of facilitating international travel and business, the council committed to overhauling the visa policy within four weeks. This overhaul aims to streamline the visa application process, potentially allowing online applications with expedited processing times.

Furthermore, significant investments in technology and connectivity were approved, including the development of fiber optic cable infrastructure to boost internet connectivity and the conversion of a property in San Francisco into a Nigerian Digital Technology Exchange Programme Hub.

Transportation and infrastructure development also featured prominently, with various contracts awarded for road, bridge, and transport facility construction and upgrades across the country.

The FEC also approved environmental and energy initiatives, such as street lighting projects using renewable energy sources like Compressed Natural Gas (CNG) or solar power, aligning with the government’s commitment to sustainable energy solutions and environmental conservation.

Economy watchers say Nigeria is poised for a transformative journey towards a more prosperous future with these comprehensive plans as they underscore the government’s commitment to stimulating economic growth, fostering development, and creating a conducive environment for investment and innovation.

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