Nigeria Law
Oil Boom — Failures & Good Spending

Multiple1979Documented failure· $8bn+ sunk· Chapter I · Money

Ajaokuta Steel Complex

$8bn+ invested since 1979. Never commenced commercial steel production. Multiple revival contracts (Russian, Ukrainian, Indian) — all failed or suspended.

Contracted to Tiazhpromexport (USSR) in 1979. Light-section mill operational only in test mode. Concession to Solgas Energy (2003) and Global Infrastructure (2004) reversed. Bilateral talks with Russia (2019, 2024) yielded MoUs but no operational steel. Nigeria continues to import nearly all flat-product steel.

Sources

  • · Ajaokuta Steel Company Annual Reports
  • · Senate Committee on Solid Minerals Report 2018

What it cost — political & economic reality

The political and economic reality

Nigeria in 1979: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.

Head of State · Military

Gen. Murtala Muhammed → Gen. Olusegun Obasanjo

1975–1979

National reality

Murtala assassinated 13 February 1976; Obasanjo completed the transition. Universal Primary Education launched 1976. Land Use Act 1978. 1979 Constitution and handover to the Second Republic.

Crises of the period

  • Dimka coup attempt + Murtala assassination (1976)
  • 'Ali Must Go' student protests (1978) — students killed over a 50-kobo fee increase

GDP (World Bank)

$28 bn (1975) → $47 bn (1979)

Cabinet (selected portfolios)

  • Education

    Col. Ahmadu Ali (1975–78)

  • Education

    J.O.J. Okezie (1978)

Source: Federal Gazette; Constitution Drafting Committee records (1976–78)

President · Second Republic

Alhaji Shehu Shagari

1979–1983· NPN

National reality

First executive presidency. Oil-price crash from 1981 destroyed the boom. Ghana Must Go expulsion of West African migrants (1983). Disputed re-election in 1983, then the Buhari/Idiagbon coup on 31 December 1983.

Crises of the period

  • Oil price collapse 1981–83
  • Maitatsine riots Kano (1980)
  • Ghana Must Go (1983)
  • 31 December 1983 coup

GDP (World Bank)

$64 bn (1980, oil peak) → $30 bn (1983, bust)

Cabinet (selected portfolios)

  • Finance

    Sunday Essang → Onaolapo Soleye

  • Education

    Sylvester Ugoh; later others (being compiled)

Source: Federal Gazette 1979–83; CBN Annual Reports

Methodology

Tier 1 · primary

Courts. Gazettes. National archives.

Tier 2 · corroborating

OCCRP. HRW. BudgIT. TheCable.

Redline

Wikipedia is never a source.