Can a profligate country experience development?

Nigeria’s propensity for profligacy is legendary. It is this wastefulness, a by-product of corruption and incompetence, which has been responsible for the stunted development that has been the lot of our country.

The conception of the Ajaokuta Steel Complex in 1979 was hinged on two factors. The first was the understanding that the nation’s hope of industrialisation would be a mirage without a functional steel industry. The second was to make Nigeria one of the leading steel producing countries in the world and position it to earn revenue from it. So, the government of General Olusegun Obasanjo pursued the project with gusto and scheduled it for completion in 1986 at the cost of $650million. But 35 years after, and with over $5billion spent, the steel complex lies prostrate, though at a point it reached 99 per cent completion.

Embedded in the project is a thermal power plant with the capacity to generate 110 megawatts of electricity. But with the abandonment of the main project, the fate of the plant was already decided.

So, the non-completion of the Ajaokuta project did not only rob the country of the realisation of the industrialisation envisioned in 1979, and the expected revenue generation, it also denied the people of regular electricity supply. But beyond that, the neglect of the project has also been responsible for the depletion of our commonwealth as an estimated N4trillion was spent on the importation of steel between 1986 and 2020.

As saddening as these are, more depressing is the fact that the Russian company, which initially got the contract, TyajzPromExport (TPE), completed similar projects on schedule for many countries including China, South Korea and Brazil. So, the fault was not that of the company but ours.

But why should our leaders bother about the loss of additional revenue that the completion of the project would have meant since money flows ceaselessly from oil? With oil money readily available, who needs a steel project?

Also in 1979, the Federal Government, through the Ogun Oshun River Basin Authority, established the Ikere Gorge Dam in Iseyin area of Oyo State to accomplish four things. One, generate 700 megawatts of electricity, two; supply potable water to Oke Ogun area of Oyo State, three; assist the farming population of the area with irrigation and four; create an environment for fishing business. The last two were meant to diversify the nation’s revenue sources.

Despite the humongous sums expended on construction and procurement, 42 years after, the project is a shadow of the dream that birthed it. Not a single watt of electricity has been generated by the dam, which covers 47 kilometres and is said to be the fourth largest in Africa, despite the acquisition of everything needed for it. At Ikere, the turbines which should have been generating electricity have been turned into local silos for conserving grains. Other associated activities are only carried out skeletally.

But nobody is raising any eyebrow over the waste since money from crude oil sales comes in regularly.

At Owode area of Ibadan, there is an expanse of land that runs into tens of acres. It was acquired by the Central Bank of Nigeria (CBN) for the purpose of constructing a staff quarters. Known as CBN Housing Estate, tens of completed buildings contained therein have been abandoned for almost 20 years. It is said that the CBN embarked on erecting the multibillion naira estate to ease the housing problem of its staff but that after its completion, the staff shunned it because of the monetisation policy of the Obasanjo administration. The most galling part of the whole scenario is that the leadership of the apex bank had completely forgotten about the project. It took a publication by the Nigerian Tribune for the apex bank leaders to remember they had an abandoned housing estate in Ibadan. Shortly after the publication, the leadership scurried to Ibadan to inspect the estate and made a promise to revamp it. But since then, over 10 years ago, nothing has happened to change the narrative. Now, the money put into the estate appears lost as exposure to the elements over the years has weakened the structures.

But why should the CBN worry about losing a few billions of Naira since it has more money than it needs?

The problem with the CBN is not different from that with the nation; we are endowed beyond our capacity to manage. And a mismatch between endowment and capacity never fails to result in frustration. Since over-endowment has stalled our development, should we ask God to block the excess blessings and leave us with just the little we have the capacity to handle? Since we are lagging behind countries which are not as endowed as we are, should we tell God to take away the blessings blocking our progress? Should we ask God to dry up our oil wells so that we can regain our capacity to think properly? Should we tell him to take away this curse disguised as a blessing?

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