Senator Jimoh Ibrahim has highlighted Nigeria’s staggering $100 billion loss due to 11,866 abandoned mega projects, urging strict adherence to project implementation protocols to prevent future failures.
Speaking at the 2024 Oxford Management Conference at Oxford University, Ibrahim emphasized the potential for sustainable development if these projects were completed, drawing parallels to the United Kingdom’s infrastructure achievements.
He cited the Ajaokuta Steel Company as a prime example, where $11 billion has been spent over 43 years without producing steel.
Ibrahim acknowledged that corruption contributes to these failures but noted that such issues are not unique to Nigeria, referencing cost overruns in the UK’s Crossrail project and the U.S. government’s loss in the Yucca Mountain project.
He called on the government to prioritize completing abandoned mega projects, suggesting that the Tinubu administration designate all unused projects as “National Failed Projects” and take steps to complete them.
Ibrahim also highlighted successful projects like the Akpabio Stadium and the Abuja and Lagos airports as examples of infrastructure fostering national unity.
At the conference, Oxford University recognized Ibrahim’s contributions, awarding him a certificate of appreciation and acknowledging his efforts in establishing the proposed University of Fortune in Nigeria.
Ibrahim holds an MSc in Major Programme Management from Oxford’s Said Business School and is a Business Doctorate graduate of the University of Cambridge.
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