Senator Jimoh Ibrahim has described the Ajaokuta Steel Complex as a stark example of Nigeria’s squandered development potential, pointing to the $11bn spent over 43 years without producing any steel.
Ibrahim, who represents the Ondo South Senatorial District, made the statement to media on Monday following his participation in the 2024 Oxford Major Programme Management conference.
“Ajaokuta has been left idle for 43 years despite the enormous investment,” Ibrahim said, underscoring the extent of mismanagement and inefficiency in the country’s infrastructure projects.
He noted that Nigeria has 11,866 abandoned mega projects, which, if completed, could have propelled the country to a development level comparable to the United Kingdom.
The senator urged global stakeholders to see these failures as opportunities for sustainable development and called for a shift in project management practices to prevent further waste of resources.
Ibrahim acknowledged that corruption is a critical issue but emphasised that it is not confined to Nigeria; it affects many significant projects across geo-centric politics.
“Yes, I recognise that corruption is a notable problem in Nigeria. I have observed cost overruns and schedule delays in the UK Crossrail project, which has escalated from the estimated total cost of £14.8bn to £18.7bn!
“Similarly disappointing, the US government faced a loss of $65bn in one megaproject, Nevada’s Yucca, with no relief since the Obama administration cancelled the project after the staggering loss!”
Senator Jimoh Ibrahim has stated that Nigeria’s mega projects consistently present complexities, noting that even the most prudent governments sometimes invest state funds in questionable initiatives.
He pointed out that the real challenge in Nigeria lies in the difficulty of translating the benefits of these projects into tangible value creation.
Ibrahim urged the Nigerian government to prioritize the completion of abandoned mega projects, calling on the Tinubu administration to designate all unused projects as “National Failed Projects” and take steps to complete some of them.
He emphasized that operational mega projects are essential for addressing Nigeria’s ethnic diversity, citing successful national projects like the Akpabio Stadium, former President Jonathan’s railway project, and the Abuja and Lagos airports as examples of initiatives that foster national unity.
During the 2024 Oxford Major Programme Management conference, Ibrahim was recognized with a certificate of appreciation from the University of Oxford and congratulated for his status as a proud alumnus. Ibrahim is also celebrated as the first-ever Business Doctorate graduate from the University of Cambridge.
Additionally, Ibrahim’s successful completion of a PhD in modern war and foresight and his work on the proposed University of Fortune in Nigeria were highlighted, alongside his pioneering book on African mega projects, which he presented at the conference.
He is an alumnus of the MSc in Major Programme Management at the Said Business School of the University of Oxford.
