A blessed country turning into shreds

Nigeria has yet again been 'disgraced' internationally, following
an assignment Harvard University gave to its students in which
Nigeria was used as a case study of a failed African country.
The question Harvard University gave its students reads;
Africa is growing. Seven of the the ten fastest growing
economies in the world are in Africa, and the continent's
largest economies are becoming less dependent on extractive
commodities. The continent's rising middle class has
demonstrated a taste for consumer goods and technological
innovation, and Africa's population-currently more than a
billion people- is booming and overwhelmingly young at a time
when populations in other regions are shrinking and aging.
Nigeria, sub-saharan Africa's largest economy, epitomizes
both the promise and the problems the continent faces in the
21st century. The contry had failed to thrive for its first thirty
years as an independent nation, despite having a
developmental head start relative to countries like China and
India, as well as hundreds of billions of dollars in oil revenue..
Now, after pathbreaking reforms followed by signs of
retrenchment, Nigeria's new President faced both vast
opportunity and grave challenges. Would the country flourish
or founder in this new era? We will analyze key reforms in
Nigeria's economy, significant political developments, and the
choices facing the country's fast-growing private sector.
Why did Nigeria fail to thrive between 1960 and 1999,
particularly relative to China and India?
How would you characterize former President Obasanjo's
legacy?
Are you bullish or bearish on the next fifteen years for Nigeria?
What would make you change your mind? What opportunities
do you see? What are the challenges (and risks)