I gave you that merit not because you are right about trying to implying Nigeria not to be the giant of Africa no more, Nigeria is still the giant of Africa. Called giant of Africa because they are the most populated in Africa. No other reason the country is called the giant of Africa. But, many of your contents above are right, now Nigeria even produce crude oil, it will be refined in another country, unlike before, which is due to faulty refineries in the country.
Okay Let's ponder on this,In 1980 Nigeria Exchange 80kobo to $1,But today
You need to make this clear for people to understand. 80 Kobo is 0.8 Nigeria Naira, which means Naira price at the time was high in price than dollar. I am not sure is this is correct, but we do hear that Naira was high in price than dollar before.
I really get your points, you are right, Nigeria now depend more on import than export. They have incompetent leaders that are not capable to lead the nation's rightly. Nigeria is far behind in all asoect, and most especially in technology. The future seemed not promising, the reason many citizens want to leave the country. The economy is bad, poor standard of living, most employee are underemployed. All I can say is that Nigeria has been an unfortunate country driven to regression by people not capable to lead the country right, and I do not see the future promising.