10 Abandoned Projects In Nigeria Worth $15billion.

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10 Abandoned Projects in Nigeria Worth $15 billion.
At independence in 1960, Nigeria was classified as a developing new nation. But 61 years later, they are among the most underdeveloped and backward countries in the world. All their economic, social, political and human development indices are among the worst while the deficits are among the highest. The large quantum of uncompleted projects in Nigeria was estimated to cost N12 trillion as of August 2021. The Nigerian Institute of Quantity Surveyors who gave the estimate also hinted that there are about 56,000 abandoned projects in Nigeria. While some projects were abandoned by the Federal Government, the states neglected others. The recent revelation that there are 56,000 abandoned projects in Nigeria validates the claim of Nigeria’s backwardness. The Nigerian Society of Engineers, NSE, recently confirmed this fact in a lecture at the University of Ibadan. But what is the reason for this anomaly? Abba Tor, the President of NIQS, postulates that he Nigerian Society of Engineers, NSE, recently confirmed this fact in a lecture at the University of Ibadan.  But what is the reason for this shameful anomaly? most contracts fail in Nigeria due to poor cost estimation. Politicians and even private individuals tend to embark on projects without employing the services of experts, and even when they do, they do not strictly follow expert advice. Corruption is the main reason for most abandoned public projects. Most contracts are awarded to politically-exposed to overnight construction businessmen and women who collect mobilisation fees and abandon work.

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