Managing Nigeria’s Scarce Resources

Managing Nigeria’s Scarce Resources
N50billion FG project, Nigeria Social Insurance Trust Fund (NSITF) abandoned since 1979

Nigeria is a country blessed with abundance of resources. In terms of natural resources, few nations in the world are as endowed as Nigeria yet the country remains grossly underdeveloped.  Although there are various factors responsible for some of the economic problems, but most of them are as a result of lack of management of resources.

In Nigeria today, the landscape is littered with numerous abandoned building projects, roads, rails, ports and other infrastructural projects which would have impacted positively on the economic and overall social development.

It is quite unfortunate that many of building and infrastructural projects in Nigeria are out-rightly abandoned leaving many stunned as to the veracity of the projects during the stages of conception.

At Iyana-Era, Ijaniki, off Badagry Expressway, there is a 20-storey building abandoned by the Federal Government for more than four decades. The building popularly referred to as “Ile-Nla” meaning “big house” in Yoruba, has become a hideout for various atrocities and crime. It is a den for smokers, cultists, and all manner of ritualism.

The criminal activities in the building have become a great concern to residents in the area as several cases of deaths have been recorded in the building, but it is bothersome that the culture of waste has taken its toll on properties and infrastructure in the country.

Located on approximately two acres of land, on Essume Street, opposite Ade and Ola Streets, Iyana Era, the over 18-floors controversial building with other adjoining structures can become a magnificent site for any government agency.

Recall that Mr. Babatunde Fashola while he was the Governor of Lagos State raised alarm over the 20-storey building which was abandoned since the 70’s by the federal government. However, the government seems to have paid less concern on the issue.

Recently, the 8th National Assembly began investigation into the abandoned National Provident Fund building, now known as Nigeria Social Insurance Trust Fund (NSITF) which experts say is worth about N50 billion.

Investigations also revealed that the project was conceived in 1979, during the regime of a former president Olusegun Obasanjo which was to be developed into a befitting headquarters for the NSITF.

This building could be used to provide housing for numerous private and public companies, create employment opportunities and also serve as a permanent building for agencies which the federal government intends to set up. This building could be used as a start-off site for the proposed National Transport Commission (NTC) which President Mohammadu Buhari has said he preferred a new entity.

The federal government has to curb the trend of abandoning projects and the wastage of funds.

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