More than 56,000 projects worth 12 trillion nairas ($2.73 billion), have been abandoned in Nigeria in the past 20 years, The Guardian newspaper reported, citing the Institute of Quantity Surveyors.

Access Bank Group Head Risk Management and Project Monitoring, Dr. Edmund Otaigbe, said it was unfortunate that many projects in the country are either canceled or abandoned.

Poor financial capacity, inaccurate costing and corruption, incompetence and lack of knowledge, and poor contracting and contractor practices are among the reasons for project failure.

 The consequences of the contingency have resulted in slow economic growth, wasted resources deployed to abandoned projects and the opportunity cost of resources deployed, Otaigbe said.

He called for a national policy to address the problem of project failures, adding that there must be continuity in projects, especially in the public sector.

Project Management Institute chapter President Paul Omugbe urged the government to partner with them to end project failures in private and public sectors, adding the association is determined to resolve the issues of project failures.

(Editing by Seban Scaria seban.scaria@lseg.com)