Nigeria's agriculture is a mess, the effects of the recent civil war and long neglect of agriculture depress it.
At least 150 million acres are arable, but only about 30% is cultivated, and that inefficiently. The climate makes it unsuitable for wheat, but rice, peanuts and other crops could be raised. The cropland is there.
The oil billions must be diverted in part to food production.

Nigeria imports about $2.5 billion worth of food per year, but some are luxury goods for the new well-to-do in the cities (such as frozen foods from the U. S. and elsewhere).
20% of the food imports are from the U. S., about $0.5 billion. Europe, the Asean countries and Africa furnish the rest.

If Nigeria uses its money for development, it should become largely self-sustaining. Unfortunately, they have concentrated on oil production and ignored the agriculture sector.

If the ruling parties go crazy, Mugabe in Zimbabwe the horrible example, pdq could well be right.

Some Nigerian politicians are complaining that cropland is being used for biofuel production. The government has been buying massive amounts of rice, to be sold at a 50% subsidized price, says the UN office for Humanitarian affairs. They produce only 20% of their rice needs.

50% of the country is Muslim and 40% Christian, and they don't get along all that well. The government is finally agreeing to talk with the delta people, and that would stop much of the disruption in their oil production.

Set some firebrands loose in the country, and civil war could break out again.

I guess this is a wait and see situation- potential for development and self-sufficiency is there, but yes, so is the potential for destruction.
Our politicians, with the right moves, could help swing the scales- if they are smart enough.