Senator Jimoh Ibrahim has criticized the Ajaokuta Steel Complex as a symbol of Nigeria’s wasted development potential, citing the $11 billion spent over 43 years without any steel production.
This was disclosed in a statement by Ibrahim at the 2024 Oxford Major Programme Management conference on Monday, according to The Punch.
Ibrahim, who represents Ondo South Senatorial District said, “Ajaokuta has been left idle for 43 years despite the enormous investment.”
He revealed that Nigeria has 11,866 abandoned mega projects, which he believes could have significantly advanced the country’s development to a level comparable to that of the United Kingdom if completed.
The senator called on global stakeholders to see Nigeria’s abandoned projects as opportunities for sustainable development
Ibrahim recognized corruption as a significant issue but stressed that it is not exclusive to Nigeria, noting that it impacts numerous major projects worldwide, often driven by geo-political dynamics.
He stated “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!”
Ibrahim observed that Nigeria’s mega projects are often fraught with complexities, adding that even the most cautious governments sometimes channel state funds into questionable ventures.
He emphasized that the core issue lies in the inability to translate these projects into tangible value creation for the country.
Ibrahim called on the Nigerian government to prioritize the completion of abandoned mega projects.
He urged the Tinubu administration to officially classify all unused projects as “National Failed Projects” and take deliberate steps to complete some of them, turning them into assets for national development.
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.
Ibrahim iscan alumnus of the MSc in Major Programme Management at the Said Business School of the University of Oxford.
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 recent achievements were highlighted, including his PhD in modern war and foresight, his ongoing efforts to establish the proposed University of Fortune in Nigeria, and his pioneering book on African mega projects, which he presented at the conference.
