This publication examines the intricate relationship between economic development and political dynamics in Nigeria, Africa's most populous nation and largest economy. It explores how the country's political economy is fundamentally shaped by its over-reliance on petroleum exports, a phenomenon frequently analyzed through the lens of the "resource curse" and rentier state theory. The study traces Nigeria's historical trajectory from post-colonial military dictatorships to its current democratic dispensation, highlighting how ethnic fractionalization, religious diversity, and a complex federal structure influence policy-making and the allocation of national resources. Furthermore, it addresses contemporary socio-political challenges that hinder national development, including systemic corruption, infrastructural deficits, youth unemployment, and regional security crises (such as militant insurgencies in the Niger Delta and farmer-herder conflicts). By evaluating recent structural adjustment programs and macroeconomic reforms, the paper concludes that achieving sustainable economic growth and democratic consolidation requires robust institutional reforms, aggressive economic diversification away from crude oil, and inclusive governance to mitigate deep-rooted structural inequalities.