Although development studies of the Nigerian society has been done from various time frames and perspectives in order to ascertain the level of economic attainment, scant scholarly attention has been given to a wholesome historical appraisal of the Nigerian state from pre-colonial to post-colonial periods. The reason for this tendency is not unrelated to the enormity of issues and happenstances which characterized such a lengthy scope of study. However, given the necessity of an in-depth audit, it has become overly important to attempt/endeavor into a research that can offer a precise, meaningful and valuable guide for developmental indices in a country with such vast economic resources and diverse ethnic population. In fulfilment of this objective, the study adopted a Mixed Method Research (MMR) design involving elements of qualitative and quantitative research approaches. Although the work is qualitative dominant in historical research methodology, elements of quantitative drives was derived from an earlier research-wellbeing for Nigeria (Fig. 1) which corroborated findings from the oral interviews and the secondary sources from journals, library search, books and other literature. Additionally, recourse was made to Growth, Trade and Dependency Development theoretical framework of analysis which guided the validation of the findings. Findings of the work revealed that the Nigerian state has been enveloped in developmental crises for several decades, consequent upon ethnic and cultural pluralism, improper economic planning and productivity and corruption. The work concluded that, for Nigeria to attain meaningful socio-economic development, more resolute measures of the management of its resources and diversity should be put in place through good governance. The work recommended that the federal government should design and put in place people-oriented reform programs to promote social enhancement, economic empowerment at both rural and urban areas of the country and eradication of poverty.