FEC approves $2.76bn, €200m, N215bn for transport, agriculture, energy, MSMEs
The Federal Executive Council approved financing packages totalling about $2.76 billion, €200 million and ₦215 billion to fund transport, agriculture, renewable energy, infrastructure and MSME finance. Finance Minister Taiwo Oyedele said the approvals support the Renewed Hope Agenda. The package includes ₦215 billion for the Presidential Compressed Natural Gas Initiative covering buses, electric vehicles, tricycles and CNG conversion centres; $900 million for agricultural development covering rural technical training, Special Agro‑Industrial Processing Zones and value‑chain development; $160 million for rural solar electrification – $150 million from the Islamic Development Bank and a $10 million counterpart fund; $1.2 billion for Section Two of the Sokoto‑Badagry Super Highway, which will link 11 states and improve logistics and trade; and €200 million plus $500 million channelled through the Development Bank of Nigeria to expand affordable financing for micro, small and medium enterprises. The approvals build on earlier FEC decisions, including the $2.99 billion approved in May for the Lagos Green Line and rail projects in Kano and Kaduna, and the N250 billion secured in September 2025 for rail development in Kaduna and Kano. These funds aim to lower transport costs, boost farm productivity, expand clean‑energy access and ease financing constraints for small businesses, directly affecting commuters, farmers, energy users and entrepreneurs across Nigeria.