Jimoh Ibrahim: How Nigeria Can Turn Its$100bn Failed Projects into New Opportunities
Emmanuel Addeh in Abuja
The Senator representing Ondo South Senatorial District, Jimoh Ibrahim, has urged global stakeholders to see mega projects which have failed in Nigeria valued at about $100 billion as fresh development opportunities, rather than lamenting constantly.
Ibrahim, who was a speaker at the 2024 Oxford Major Programme Management conference, put the number of Nigeria’s abandoned projects at about 11,866, arguing that even abroad some projects overshoot scheduled timelines as well as initial costs.
He encouraged foreign businessmen to view the situation as a significant opportunity for sustainable development, noting that if the failed mega projects were successful, Nigeria will look like the United Kingdom.
The businessman pointed to Ajaokuta, where he said the government has spent $11 billion over the past 43 years without producing steel. The site, he said, has remained abandoned for those 43 years.
Ibrahim, in a statement by his media office, also cited examples such as Malabo, Sure P, SAT One, and the National Library as some of Nigeria’s failed mega projects.
He acknowledged that corruption is a critical issue, but emphasised that it is not confined to Nigeria as it affects many significant projects across ‘geo-centric’ politics.
“Yes, I recognise that corruption is a notable problem in Nigeria. I have (also) observed cost overruns and schedule delays in the UK Cross-rail project, which has escalated from the estimated total cost of £14.8 billion to £18.7 billion.
“Similarly disappointingly, 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,” he maintained.
Ibrahim stated that the mega projects consistently come with complexities, arguing that even the most prudent governments occasionally invest state funds in questionable initiatives.
He said that Nigeria’s challenge primarily pertains to the difficulties in translating the benefits of mega projects into value creation.
The federal lawmaker urged the Nigerian government to prioritise completing abandoned megaprojects, requesting the Bola Tinubu administration to designate all unused projects as ‘national failed projects’ and to take steps to complete some of them.
The businessman asserted that only operational mega projects can mitigate Nigeria’s ethnic diversity, referencing the Akpabio Stadium, Goodluck Jonathan’s successful railway projects as well as the Abuja and Lagos airports as remarkable successes of national unity.
In return, the statement said that the University of Oxford gave Ibrahim a certificate of appreciation and extended congratulations on his status as a proud alumnus of Oxford.
It described the senator as being globally celebrated as the first-ever business doctorate graduate of the University of Cambridge.
“Furthermore, his successful completion of the PhD in modern war and foresight in establishing the proposed University of Fortune in Nigeria showcased JimohIbrahim’s pioneering book on African mega projects at the conference.
“Jimoh Ibrahim is an alumnus of the MSc in Major ProgrammeManagement at the Said Business School of the University of Oxford,” it added.
