Senator Jimoh Ibrahim Decries $11bn Ajaokuta Steel Failure

Senator Jimoh Ibrahim has described the Ajaokuta Steel Complex as a symbol of Nigeria’s untapped potential, lamenting the $11 billion spent over 43 years without producing a single ton of steel. Speaking to The Punch on Monday, the Ondo South Senator highlighted the project’s mismanagement during his reflections at the 2024 Oxford Major Programme Management conference.

“Ajaokuta has been left idle for 43 years despite the enormous investment,” Ibrahim said, adding that this is just one example of Nigeria’s 11,866 abandoned mega projects, which, if completed, could elevate the nation to a development level comparable to the United Kingdom.

Ibrahim called for a paradigm shift in Nigeria’s approach to project management, urging global stakeholders to see these failures as opportunities for sustainable development. “The real challenge lies in translating investments into tangible value creation,” he emphasized.

The senator acknowledged that corruption plays a significant role in these failures but pointed out that it is not unique to Nigeria. Drawing parallels with international projects, he cited the UK Crossrail project, which saw its costs rise from £14.8 billion to £18.7 billion, and the U.S. government’s $65 billion loss on Nevada’s Yucca megaproject, which remains abandoned.

“Even the most prudent governments sometimes waste resources on questionable initiatives,” Ibrahim noted.

Ibrahim urged President Bola Tinubu’s administration to classify unused infrastructure as “National Failed Projects” and prioritize their completion. He argued that operational projects like the Akpabio Stadium, the Abuja and Lagos airports, and former President Jonathan’s railway initiative have proven their capacity to foster national unity and development.

During the Oxford conference, Ibrahim received a certificate of appreciation for his contributions and was lauded as the first-ever Business Doctorate graduate from the University of Cambridge. His pioneering book on African mega projects, presented at the conference, and his vision for establishing the University of Fortune in Nigeria were also spotlighted.

Ibrahim’s academic accolades include a PhD in modern war and foresight, underscoring his commitment to innovative solutions for Nigeria’s developmental challenges.

The senator concluded with a call for Nigeria to abandon its cycle of wasted resources, emphasizing that well-managed projects are vital to bridging ethnic divides and achieving sustainable national progress.