NIGERIA is a richly-endowed country, but the frivolity, corruption, primordial instincts and lack of vision among its leaders have kept the country poor and destitute.

Two recent reports bespeak of our missed opportunities because our leadership failed to do the right thing. President Muhammadu Buhari disclosed that Nigeria lost $50bn worth of investments in the past 10 years that the Petroleum Industry Bill (now an Act) languished in the National Assembly. Interestingly, six of those years were under his watch!

The Nigerian Investment Promotion Council, NIPC, has also revealed a more shocking picture of missed investment opportunities in the past four years.

According to a report entitled: “Investment Announcements vs Foreign Direct Investment, FDI, Inflow in Nigeria, 2017 to 2020”, the Council said Nigeria lost $188.29bn, representing over 92 per cent investment opportunities that were available to the country.

These were the investment announcements and expressions of interest which did not translate into actuality. Investment announcements captured by the NIPC were worth $203.89 bn, but only $15.6 (7.65 per cent) came into the economy.

If this is not leadership failure, what is? It is a general systemic failure associated with the kind of country we operate, but the basic ineptitude of the incumbent regime and the condonation of agenda that do not promote patriotism, national cohesion, stability and development have exacerbated the ugly trend.

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According to the Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Ambassador Ayoola Olukanmi, in a Vanguard report: “Numerous studies have established that Foreign Direct Investment is dependent on the market size of the host country, deregulation, level of political stability, investment incentives, openness to international trade, economic policy coherence, exchange rate depreciation, availability of skilled labour, endowment of natural resources and inflation”.

These are issues that a proactive government addresses from its earliest days. By now we would have earned additional investment inflow equal to half of our GDP.

Often ignored or understated also are the combined effects of terrorist attacks throughout the country. Apart from Boko Haram, the North-West terrorists and Fulani herdsmen terrorists, all of whom have been driving people off their farms unchecked, hampering agricultural activities and making our country unstable, can also scare investors.

Our poor judicial and policing systems and general low rating in our ability to dispense justice also keep investors at bay.

We agree with the NIPC that it requires “a more proactive all-of-government approach to investor support, across federal and state governments, is required to convert more announcements to actual investments.”

The positive side of these reports is that Nigeria is a gold mine waiting for the right kind of leadership to take charge. Once we get that focused, driven and visionary leader, Nigeria’s economy will basically explode almost overnight.

This is a comforting fact that keeps hope alive.

Vanguard News Nigeria