Africa (Commonwealth Union) _ Across Nigeria, countless government-owned assets lie in neglect—unfinished buildings, decaying roads, obsolete machinery, and vast stretches of unused land. These dormant resources, scattered nationwide, symbolize lost economic potential in a country that urgently needs additional revenue to sustain developmental projects and critical public services.
Rather than allowing these assets to waste away, the Nigerian government has a prime opportunity to unlock their value. Strategic measures such as auctioning, commercializing through private sector involvement, and completing abandoned projects could inject much-needed funds into the economy. One of the most pressing concerns is Nigeria’s crumbling road infrastructure. With thousands of kilometers of deteriorated federal highways, rehabilitating and concessioning these roads to private investors could improve transport networks while creating a sustainable revenue stream. This approach shifts the financial burden from the government to private entities, which, in turn, recoup investments through tolling and efficient road management.
In 2022, the Federal Government introduced the Highway Development and Management Initiative (HDMI), a promising policy that identified 19 highways for rehabilitation and tolling. However, this initiative has stalled under the current administration, with reports suggesting that the Minister of Works, Senator David Umahi, has become an obstacle rather than a facilitator. According to financial analyst Bismarck Rewane, the minister initially appeared to support the plan but later obstructed its implementation, hampering progress on an initiative that could revolutionize Nigeria’s road infrastructure.
Nigeria possesses a vast portfolio of underutilized assets beyond its roads, which could potentially yield economic gains. Idle government-owned lands, abandoned projects, unserviceable vehicles, and scrap machinery can be auctioned or leased to private enterprises, converting waste into wealth. However, to attract investors and maximize returns, the process must be executed with transparency, strong legislative backing, and credible institutional oversight. Without these safeguards, private sector players will remain hesitant, wary of the country’s history of failed concessions and broken agreements.
Nigeria has experienced several high-profile concession failures, including the ill-fated Lekki-Epe Toll Road project, the revoked Ajaokuta Steel Company agreement with Global Steel Holdings Ltd. (GSHL), and the Lagos-Ibadan Expressway concession with Bi-Courtney, which was terminated due to non-performance. The Aluminum Smelter Company of Nigeria (ALSCON) concession to UC Rusal also led to prolonged legal disputes, further discouraging potential investors.
To break this cycle, the government must learn from past mistakes, establish clear guidelines, and foster a business environment based on trust and accountability. If properly managed, Nigeria’s abandoned assets could become powerful catalysts for economic transformation, stimulating job creation, infrastructure development, and long-term national prosperity.
