Many wonder why with the enormous amount of natural resources Nigeria is endowed with, yet remain poor and with mounting debts.
Well, there are several reasons for this, and bad leadership does not even make top 5. The list below is from personal research, so before you criticize me, try to do your own research as well. Below are some of the issues identified and if we tackle them, Nigeria will be better in no distant time.
1. Nigeria as a country is not a giver.
Well, it is not difficult to see why Nigeria remain in poverty. If you take a look at most countries that do well, they are all significant givers, from China, to Saudi, to US and even the UK, they all give some form of aids to foreign countries or citizens and God keeps blessing them. Whereas Nigeria is a receiver. A nation can never be great if it remains a receiver of foreign aids. Even during pandemic with scarce resources China still gave, America gave ventilators from the little they have, UK gave but what did Nigeria give as a country? Absolutely nothing. No matter how tight, Nigeria must try to move away from league of Nations who only receives financial aid and start giving. But most people will say we don't have enough for ourselves, well that's the more reason you should give. The most important time to give is when you don't even have enough, God appreciates such gestures and causes you to be blessed even more because you have shown a compassionate heart from the very little you have.
2. Value system.
The first step to wealth is to cut waste. Nigeria is currently spending a fortune importing and maintaining foreign manpower. From security to exotic accommodation and then to logistics and feeding etc. A Nigerilization policy should be introduced and enforced.
I work overseas and I can tell you with 90% accuracy that Nigerians are the most sort after technical manpower in the world. They have best brains out there in every scientific field and lead top tier researches around the world. But because there is no value system, these enormous technical manpower have to migrate overseas in search of better opportunities whereas the ones that remain in Nigeria are either under paid or without jobs. Although Nigerian Content and Development Board is doing a good job in developing Nigerian content, however, there is no reason whatsoever why Nigeria should still import foreign skill & unskilled manpower in any field when we have them in abundance around the world and even within Nigeria.
3. Borrowing.
I am not against borrowing per say, but Nigeria must source for funds within Nigerian for capital projects ie through crowd founding where every investor is given a token for crowd funded projects. Nigeria should explore other avenues of raising money other than borrowing if she wants to be great again. Borrowed funds must be used for interest yielding projects and not shared as palliatives to the various states.
4. Over priced contracts.
This a the main source of waste in Nigeria. Recently, we heard how over 60B was misappropriated by the immediate past IMC of NDDC. From frivolous contract awards down to zero execution. When it's even executed, it's poorly done and over priced and in most cases re-awarded for repairs. This source of waste is so bad that a road project that might cost for example 50M naira, is executed for 300M naira and still poorly done or most times abandoned midway. This source of waste must be checked with the view of blocking such waste and it is possible if we are serious about it. It's only in Nigeria that a contractor wins a bid and the next thing goes of shopping spree because the ones who would ask him to give account of his project are culpable in the matter.
5. Recurrent expenditure.
From the book "Rich Dad Poor Dad" we are told that the main secret to increase wealth is by increasing assets and reducing liabilities. Capital Expenditure can be seen as increasing assets while recurrent expenditure can be viewed as liabilities. This is my perception as I am not an economist. By all means Nigerian must try to increase capital projects and there are so many to be done.
6. Foreign Investments
This is the China Model, right now these Chinese firms are buying up shares in many big companies around the world, sometimes they sell technology and get rewarded in shares. By so doing, you see Chinese all over the place gaining useful employment as a result. Nigerian can copy this model. Invest, employ your people in big foreign firms, your investment yields interest and your citizens gain employment. It's a win win for Nigeria. Most Nigerian companies can't even bid competitively overseas, they have nothing to offer. We must change this narrative.

Finally, the above list is not exhaustive, you can add yours in the comments below. But remember, the youths of old put us in this mess therefore only the youths of today is most likely to bring us out from the dungeon. Make sure you get your PVC and change the course of Nigeria come 2023.

Thank you for your attention, I did like to see your feedback and comments and what we could add to the list apart from corruption and bad governance. Nigerian will be great again.