15/05/2024
FEC Unveils Major Policy Decisions to Boost Infrastructure and Ease of Doing Business in Nigeria
The key discussions from the Federal Executive Council (FEC) meeting held in Abuja on May 14, 2024, included several significant decisions:
1) Infrastructure and Housing Initiatives: The FEC supported initiatives aimed at revolutionizing Nigeria’s infrastructure and housing sector through Public-Private Partnerships. These initiatives are expected to unlock about N2 trillion, addressing the demand for critical infrastructure and affordable homeownership, and fostering job creation and long-term productivity.
2) Airport Toll Policy: A new policy was approved requiring all users of Federal airports across the country to pay tolls at the gates, including the President and Vice President.
3) Sand Dredging Ban: The council announced a ban on sand dredging within 10 kilometers of all Federal bridges nationwide.
4) Visa Policy Review: A 4-week deadline was set for the review of the visa policy to facilitate the entry of tourists, business people, and creative professionals into Nigeria. The review aims to simplify the visa application process, potentially allowing for online applications and 48-hour visa issuance.
5) Disabled Aircraft Recovery System: Approval was granted for the supply, installation, and training of operators for a disabled aircraft recovery system at Murtala Muhammed Airport in Lagos, with a contract cost of N4.2 billion.
6) Internet Connectivity Expansion: The FEC approved the creation of a Special Purpose Vehicle on a PPP basis to develop 90,000 kilometers of fiber optic cable, which is expected to increase Nigeria’s internet connectivity by 60-70%.
These decisions reflect the council’s commitment to enhancing the nation’s economic growth, improving public services, and promoting the ease of doing business in Nigeria.
Friends Like NO Friends Like NO Other"Friends Like NO Other"
