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In Nigeria, over 56,000 projects were abandoned in 20 years involving an estimated cost of N12 trillion. This was revealed by the Institute of Quantity Surveyors after conducting a study. The organization has urged the government to formulate policies to ensure project continuity and reduce abandonment of projects midway
In Nigeria, over 56,000 projects were abandoned in 20 years involving an estimated cost of N12 trillion. This was revealed by the Institute of Quantity Surveyors after conducting a study. The organization has urged the government to formulate policies to ensure project continuity and reduce the abandonment of projects midway.
Speaking at the Project Management Institute (PMI) National Conference, titled ‘Addressing project failures through effective project management practices, the Group Head, Risk Management and Project Monitoring, at Access Bank, Dr. Edmund Otaigbe, said it was disheartening that lots of projects in the country were either cancelled or stalled or abandoned. The discontinuity of the projects was mostly due to poor financial capacity, inaccurate costing, corruption, incompetence, and lack of knowledge, poor planning, poor communication; poor contracting and contractor practices, frequent design scope changes and errors, socio-cultural and political interference, poor leadership, among others.
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Otaigbe said the consequences of the situation have resulted in slow economic growth, wasted resources deployed to abandoned projects, and the opportunity cost of resources deployed. Speaking on “Project failures in Nigeria: The impacts on the growth and development of the public and private sectors,” a professor from Trinity University, Charles Ayo, said the successful execution of projects served as a visible indicator of development in a country.
