Nigeria, Africa’s largest oil producer, boasts an impressive array of natural resources, including 37 billion barrels of oil reserves, natural gas, gold, limestone, and arable land.

With a population of over 200 million young, vibrant, and entrepreneurial individuals, Nigeria should be a powerhouse. Instead, it’s a case study in squandered potential, plagued by incompetent leadership, corruption, and systemic mismanagement.

The root of Nigeria’s problems lies in its governance. Since gaining independence in 1960, the country has cycled through military coups, shaky democracies, and leaders more focused on personal enrichment than national progress.

This “resource curse” has led to oil accounting for over 80 per cent of export revenue, yet the Niger Delta, where oil is drilled, is an ecological disaster zone with poverty rates topping 70 per cent. Billions of dollars in petrodollars have vanished into offshore accounts or bloated bureaucracies.

Nigeria’s infrastructure is also in shambles. Power outages are a daily norm, with the grid supplying less than 4,000 megawatts for a country that needs five times that. The country’s leadership has been criticized for being predatory, with former President Muhammadu Buhari failing to deliver on his promises.

The current president, Bola Tinubu, has implemented policies that have led to high cost of transportation, untamed inflation, rising food prices, hunger, and poverty.

Despite its abundant resources, Nigeria’s farmland could feed West Africa, yet 40 per cent of its people are suffering from food insecurity. The youth, who make up 60 per cent of the population, are a gold mine of potential, but unemployment hovers at 33 per cent, and many are forced to hustle abroad or turn to crime.

The tech scene in Lagos is a bright spot, with startups raising $1.5 billion in 2024, but it’s not enough to offset the country’s overall neglect.

Nigeria’s ethnic and religious divide also poses a significant challenge. With over 250 ethnic groups, power is a tug-of-war, with each group accusing the other of hogging the pie. Policies favour patronage over merit, and competence takes a backseat to loyalty.

The civil service is a bloated relic, and the judiciary is for sale, with court cases dragging on for decades unless you have the means to expedite them.

Despite all these challenges, Nigerians remain resilient, hustling, innovating, and surviving

The country’s entertainment industry, Nollywood, churns out more films than Bollywood, and Afro beats conquers global music charts. However, talent alone can not fix Nigeria’s broken system.

The web of misfortunes – poverty, insecurity, decay – stems from leaders who treat abundance as a personal ATM rather than a national asset. Until that changes, Nigeria’s potential will remain a taunting mirage.

Nigeria’s paradox is a complex issue that requires a multifaceted approach. The country needs leaders who prioritize national progress over personal enrichment and who can harness its abundant resources to benefit all Nigerians, not just a select few. Until then, Nigeria’s potential will remain untapped, and its people will continue to suffer.

CHIEF PETER AMEH

Policy management Strategist, 2019 Presidential candidate and Former National Chairman of Inter-Party Advisory Council of Nigeria (IPAC).