Nigeria Has $100bn Failed Mega Projects – Ibrahim

Senator Jimoh Ibrahim

Senator Jimoh Ibrahim has called for adherence to the strict conditions for project implementation to avoid the incidence of failed projects.

According to thenationonlineng.net, he hailed government’s determination to ensure the completion of abandoned projects, urging global stakeholders not to be discouraged by Nigeria’s 11,866 abandoned mega projects.

Ibrahim, who represents Ondo District in the Senate, urged them to view the situation as a significant opportunity for sustainable development.

He spoke on Mega Projects’ at the 2024 Oxford Management Conference at the Oxford University, London.

Ibrahim said if these mega projects had been successful, Nigeria may take after the United Kingdom in development.

He made a reference to Ajaokuta, where the government has spent $11 billion over 43 years without producing steel, lamenting that the site has been calling for attention.

Ibrahim also cited the examples of Malabo, Sure P, SAT One, and the National Library as part of failed mega projects.

Ibrahim, who said corruption is a critical issue, emphasised that it is not peculiar to Nigeria, but common to many countrues.

Hd added: “I recognise that corruption is a notable problem in Nigeria. I have observed the cost overruns and schedule delays in the UK Crossrail project, which has escalated from the estimated total cost of £14.8bn to £18.7b.

“Similarly disappointing, the US government faced a loss of $65 billion in one megaproject, Nevada’s Yucca, with no relief since the Obama administration cancelled the project after the staggering loss.”

Ibrahim said mega project has often consistently brought complex problems, stressing that even the most prudent governments occasionally invest state funds in questionable initiatives.

He said:” The Nigerian challenge primarily pertains to the difficulties in translating the benefits of mega projects into value creation.”