The Federal Government’s plan to officially relocate the headquarters of the Bank of Industry (BOI) from Abuja back to Lagos is driven by a strategic imperative to enhance operational efficiency and align the bank with Nigeria’s financial and industrial hub.
This move, which has been formally approved by the Federal Executive Council (FEC) for the construction of a new headquarters at Eko Atlantic City, is part of a broader government policy under President Bola Tinubu to decentralize the operations of agencies whose core functions are better situated in the nation’s commercial capital.
The key reasons underpinning the decision see Lagos as the undisputed economic and industrial capital of Nigeria. The vast majority of BOI’s key clients, including large-scale enterprises, Small and Medium-sized Enterprises (SMEs), and potential international investors, are based in or operate primarily out of Lagos.
Locating the headquarters in Lagos significantly improves the ease of doing business for the bank and its beneficiaries. It reduces the time and cost associated with travel for meetings, approvals, and loan processing, thereby accelerating industrial financing.
Lagos houses the headquarters of nearly all major commercial banks, investment firms, and the Nigerian Exchange Group (NGX). Moving BOI closer facilitates better collaboration and syndicated financing deals, which are crucial for the bank’s expanded mandate.
Eko Atlantic City is being developed as a major financial hub. Placing the BOI headquarters there signals to international investors and multilateral organizations that the bank is strategically positioned at Nigeria’s financial gateway.
The BOI frequently seeks international funding, including Eurobonds, to bolster its lending capacity. Being based in Lagos, which has the busiest international airport and is the most common destination for global financial partners, makes attracting and managing these funds more efficient.
More so, the decision follows similar moves by other key agencies, such as certain departments of the Central Bank of Nigeria (CBN) and the Federal Airports Authority of Nigeria (FAAN), which were relocated back to Lagos to maximize their effectiveness. The government argues that administrative functions should remain in Abuja, but operational agencies should be where their core activities take place.
The approval for the new headquarters coincided with the approval of the Nigeria Industrial Policy 2025 by FEC. The move is intended to serve as a central hub for the BOI’s expanded mandate in financing industrial growth and export-oriented manufacturing, tying the bank directly to the country’s main manufacturing clusters.
In essence, the move is a strategic administrative and economic repositioning aimed at creating an environment where the Bank of Industry can more effectively fulfill its core mandate of industrial development and financing.
