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WATCH VIDEO: $16 Billion Wasted: See The List of Top 10 Abandoned Projects in Nigeria

Published by admin on June 24th, 2024.

WATCH VIDEO: $16 Billion Wasted: See The List of Top 10 Abandoned Projects in Nigeria

CLICK HERE TO WATCH THE VIDEO OF ALL THE ABANDONED PROJECTS

The Nigerian Government has invested $16 billion in various projects that remain incomplete. Despite the country’s wealth in natural resources and human capital, abandoned projects are a significant issue, resulting in financial losses and missed opportunities for growth. Here are the top 10 abandoned government projects in Nigeria:

CLICK TO WATCH VIDEO

10. Bayelsa Tower Hotel

– Amount Spent: 6 billion Naira

– The 18-storey five-star hotel in Bayelsa State was intended to attract tourists with luxurious accommodations. Initially budgeted at 8 billion Naira, the project halted after 6 billion Naira was spent due to the contractor demanding additional funds.

9. Abuja Millennium Tower

– Amount Spent: 34 billion Naira

– Construction of the Millennium Tower and Cultural Centre began in 2006. Standing at 170 meters, it is the tallest structure in Abuja. Despite reaching its full height in 2014, the project remains unfinished. Initially estimated to cost 50 billion Naira, the budget has ballooned to over 200 billion Naira.

8. Tinapa Resort

– Amount Spent: $350 Million

– Launched in 2005, Tinapa Resort in Cross River State was envisioned as a major shopping and trading hub. Despite $340 million spent, the resort remains largely unused, far from the bustling center it was intended to be.

7. Katsina Windmills

– Amount Spent: 4.4 billion Naira

– Initiated in 2005 to boost renewable energy, the Katsina Windmill project has seen over 4 billion Naira spent without completion.

6. Dredging of River Niger

– Amount Spent: 34 billion Naira

– Approved in 2011 to improve navigability from Warri to Baro, the River Niger dredging project was allocated 47 billion Naira, with 34 billion Naira disbursed. By 2016, substantial dredging work was still lacking.

5. Rivers State Monorail

– Amount Spent: $400 Million

– Begun in 2009 under Governor Rotimi Amaechi, the Rivers State Monorail aimed to create a 12-kilometer elevated transit system. By 2015, the project faced numerous obstacles and remained incomplete.

4. Abuja CCTV Project

– Amount Spent: $460 Million

– Approved under President Goodluck Jonathan, the project intended to install over 2,000 surveillance cameras in Abuja for security enhancement. However, many cameras are non-functional, and essential infrastructure is unfinished.

3. Brass LNG

– Amount Spent: $1.2 Billion

– The Brass LNG project on Brass Island was designed to produce 10 million tons of LNG annually. Despite significant investments, the project is stalled, with expenditures estimated at $1.2 billion by the Nigerian National Petroleum Corporation (NNPC).

2. Mambilla Hydro Power Plant

– Amount Spent: $5.8 Billion

– First proposed in the 1980s, the Mambilla Hydro Power Plant has faced continuous delays. Multiple feasibility studies and design changes have not prevented bureaucratic, financial, and legal challenges from stalling progress.

1. Ajaokuta Steel Mills

– Amount Spent: $8 Billion

– The Ajaokuta Steel Mill in Kogi State was meant to diversify Nigeria’s economy by fostering a steel industry. Covering over 24,000 hectares, the project has never become fully operational due to political instability, mismanagement, and funding issues. Despite over $8 billion spent, the project remains dormant, with ongoing efforts to seek foreign investment for its revitalization.