Federal Executive Council (FEC) has approved three key public-private partnership (PPP) projects designed to enhance Nigeria’s infrastructure and drive economic growth in vital sectors.

Meanwhile, the Central Bank of Nigeria (CBN) has expressed concern that the 36 states’ financial decisions are worsening inflation in the country, warning that their poor fiscal management could undermine efforts to stabilise prices and strengthen the economy.

The approved projects involve creating a Smart National Transport Data Bank under the Nigerian Institute of Transport Technology (NITT), along with two independent power projects (IPPs) at the Onne and Apapa port complexes.

FEC said in Abuja that the approvals demonstrate President Bola Tinubu’s dedication to accelerating infrastructure projects by engaging the private sector, boosting economic efficiency, and fostering sustainable national growth.

The approvals were granted after oversight by the Infrastructure Concession Regulatory Commission (ICRC), which reviewed the Outline Business Case, guided due diligence and negotiations, and approved the Full Business Case in accordance with its regulatory framework before the projects were submitted to the Federal Executive Council (FEC) for approval.

Speaking on the importance of approvals, ICRC Director-General, Jobson Ewalefoh, noted that these projects reflect a conscious move towards well-organised PPPs that attract private investment and generate tangible economic benefits.

He stated that Nigeria’s greatest transport challenge was not only infrastructure but also the absence of dependable, usable data.

The Tinubu administration, with the approval of the National Transport Data Bank, has laid the groundwork for a data-driven transport system that enhances planning, enforcement and overall sector efficiency.

He explained that the Smart National Transport Data Bank, operated by NITT, will function as a nationwide digital infrastructure for transport intelligence.

It will integrate real-time data from road, rail, air, and marine systems and utilise technologies such as vehicle tagging and automated number plate recognition to assist with traffic management and enforcement.

Ewalefoh noted that the project would improve the government’s capacity to plan infrastructure investments using data, reduce system inefficiencies, and generate new revenue streams through automation and digital compliance.

Regarding the approved power projects, the ICRC boss described the IPPs at the Onne and Apapa ports as critical interventions to address the unreliable electricity supply, one of the major constraints to industrial productivity.

ICRC and the Federal Ministry of Arts and Culture, Tourism, and the Creative Economy have commenced discussions on developing major tourism infrastructure projects across Nigeria through PPPs.

The discussions followed a meeting between Ewalefoh and the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, in Abuja.

DURING an engagement with state governments’ officials organised by the Nigeria Governors’ Forum Secretariat, CBN Deputy Governor in charge of Economic Policy Directorate, Muhammad Abdullahi, said inflation control required strong cooperation between the federal and state governments.

In a statement yesterday, Abdullahi explained that states influenced inflation through many channels, including borrowing decisions, rising domestic debts, spending patterns, wage obligations, salary arrears, contractor financing arrangements and poor coordination in the management of Federation Account Allocation Committee (FAAC) receipts, debt servicing and public cash flows.

He warned that excessive spending and weak fiscal coordination by states could frustrate the success of the CBN’s planned transition to an inflation-targeting monetary policy framework.

Abdullahi said the new inflation-targeting framework would focus on achieving stable prices through a more transparent and forward-looking monetary system, adding that such a policy could succeed only when governments at all levels maintain fiscal discipline.

Earlier in his remarks, the Director of the CBN’s Monetary Policy Department, Victor Oboh, described inflation targeting as a “win-win framework” that would benefit households, businesses, and governments by improving confidence in economic policies and reducing economic uncertainty.

Speaking on behalf of the Director-General of NGF, the Forum’s Executive Director for Policy, Strategy and Research, Olalekan Yunusa, commended the CBN leadership for involving state governments early in the transition process.