Nigeria has accumulated a large stock of dead assets estimated at N180 trillion, yet the nation is foot-dragging to unlock them even as public debt piles up. Dead assets are not generating income and do not increase productivity or wealth. In a book entitled ‘The Mystery of Capital,’ Hernando de Soto, a Spanish explorer and conquistador, explains that dead capital holds the potential for significant economic growth for nations with economic challenges.
According to PwC’s estimates, Nigeria has as much as N180 trillion or $900 billion trapped in dead assets, mostly in real estate. Unlocking the capital could be a game changer for a cash-strapped nation with a debt service to revenue ratio of 74 percent in the first quarter (Q1) of 2024. Nigeria’s public debt has risen from N12.
6 trillion in 2015 to N121.7 trillion in 2024, according to data from the Debt Management Office (DMO). Meanwhile, the country sits on vast dead assets, including abandoned government properties, dormant state-owned enterprises, and unutilised land.
Chudi Ubosi, principal partner at Ubosi Eleh + Co, noted that the country has over 300 real estate properties worldwide, many of which are abandoned and underutilised while thousands of kilometres of road projects at various stages of construction have also been abandoned nationwide. Read also: Nigeria steps up bid to unlock N180trn dead assets Efforts to unlock assets not working Nigerian government has, over the years, launched various initiatives a.