Nigeria: What Might Have Been
Nigeria does not need to tag along with the consensus on foreign direct/portfolio investment and loans; it could yet generate the required capital for development from its natural resources. The huge sums of money that have been looted could have funded Nigeria’s development many times over. If Nigeria had been under a competent development-oriented leader(s), the country would be one of the most advanced nations in the world. The main task for Nigeria is to end corruption and impunity; we can then reinvest in national development.
To contextualize the information below, Nigeria has a population of 182.2 million, and area totaling 923,768 km2
Total Cost: $470 billion USD
*Numbers are based on OECD (Organization for Economic Cooperation and Development) averages, and could be significantly lower for a developing nation.
*Figures are averages and may not be exact
*Spreading the cost over 10 years, and assuming a 15% return on previous investment which is reinvested, the cost per year averages less than $30 billion USD
* Nigeria made an average of $15 billion USD per year between Q1 2014 and Q1 2016 from its official oil sales alone!
All these may yet happen, but business as usual will leave Nigeria far short of the development it needs so desperately. The government must provide the leadership required to change this outlook. Don’t hold your breath.