Borrowing: NGO Tasks FG on Unlocking Underutilized Assets for Economic Prosperity
Hammed Shittu in Ilorin
A non-governmental organization, Foundation for Peace Professionals (PeacePro) at the weekend said the federal government does not need to borrow its way to prosperity while over $1.5 trillion assets value lie unused.
The group therefore said, “The stranded and underutilized assets across the country are not merely losses; they are the foundation for inclusive growth, institutional strength, and sustainable peace of the country.
A statement issued by the group in Ilorin signed by its Executive Director, Comrade Abdulrazaq Hamzat stated that, the unlocking stranded capital should become a national economic priority, describing it as one of the fastest pathways to restoring Nigeria’s growth momentum and strengthening its global competitiveness.
He said that, “the research reviewed by the group indicates that as much as $900 billion may be tied up as dead capital in residential real estate and agricultural land”.
It also cited estimates of tens of thousands of abandoned buildings owned by federal, state, and local governments valued at approximately ₦9.5 trillion.
The statement stated that, “Industry assessments further suggest that more than 56,000 abandoned projects across sectors, including roads, public buildings, and housing estates are collectively valued at ₦12–17 trillion, in addition to billions of naira invested in abandoned or uncompleted power infrastructure projects”.
Hamzat described the situation as a “silent economic emergency,” arguing that Nigeria’s growth challenges stem less from resource scarcity and more from failure to activate existing assets.
According to PeacePro’s analysis, the estimated $1.5 trillion in stranded capital spans key sectors, including Energy infrastructure, Transportation assets, Housing and real estate,
Industrial and manufacturing facilities, closed factories and moribund industrial clusters; Public infrastructure projects stalled due to funding gaps or policy shifts.
Hamzat noted the upper estimate is more than five times Nigeria’s nominal GDP of approximately $285 billion, underscoring the scale of unused economic capacity.
“Nigeria is not a poor country. Nigeria is a poorly activated economy,” he said. “The issue is not absence of capital, but immobilized capital.”
The statement said that unlocking even 30–40 percent of dormant assets could generate economic output equivalent to multiple years of current GDP, create millions of direct and indirect jobs, reduce borrowing dependence, strengthen local production capacity, improve energy supply and industrial output, and stabilize fragile communities through economic inclusion.
Hamzat explained that Nigeria’s installed power generation capacity exceeds what is reliably transmitted, leaving billions of dollars in generation investments underutilized.
He noted that, “Thousands of kilometers of roads remain partially completed, reducing trade efficiency and increasing transport costs, while large scale housing projects remain unoccupied due to weak mortgage systems and land documentation bottlenecks.
“These are not hypothetical losses; they are capital already paid for but not producing value”.
He identified structural and governance weaknesses as primary drivers of dead capital accumulation, including politicization of infrastructure investment, poor feasibility and demand forecasting, weak land administration systems, regulatory bottlenecks, project abandonment after leadership transitions, weak legislative oversight, poor maintenance culture, and fragmented coordination between federal and state institutions.
Hamzat warned that abandoned projects erode public trust, increase fiscal waste, and deepen inequality.
He stressed that unlocking stranded capital is not only an economic reform agenda but also a national stability strategy, noting that idle infrastructure contributes to youth unemployment, rural–urban migration pressures, crime and insecurity, community resentment, and investor hesitation.
“When infrastructure stands idle, frustration grows. When assets generate value, stability increases,” Hamzat said.
He called for an urgent national strategy anchored on a comprehensive audit of dormant and underperforming assets, conversion of abandoned projects into public–private partnerships, creation of a transparent asset registry and valuation system, land reform and digital documentation, infrastructure completion prioritization based on economic return, legislative safeguards against politically motivated project abandonment, and dedicated maintenance funding frameworks.
Hamzat said that: “Nigeria does not need to borrow its way to prosperity while trillions in value lie unused.
“The stranded and underutilized assets across the country are not merely losses; they are the foundation for inclusive growth, institutional strength, and sustainable peace. The question is whether we have the political discipline to activate them.”
He concluded that unlocking stranded capital should become a national economic priority, describing it as one of the fastest pathways to restoring Nigeria’s growth momentum and strengthening its global competitiveness.
