This study is centered on leadership and national development in Nigeria. Thus, it undertakes an assessment of the previous Nigerian leaders within the periods of their tenure in office. That is to say that whether their various administrations has successfully impacted meaningfully in the socio-economic and political life of the citizens of Nigeria. The study examines the reasons for stunted socio-economic and political development in Nigeria. This study adopted documentary method in research methodology. Three theories were used in the theoretical framework namely, the elite theory, the modernization theory and the dependency theory. Under this study, Privatization and National Economic Empowerment and Development Strategy (NEEDS) were examined as economic developmental plans. In conclusion, the study identified three major factors that are responsible for underdevelopment in Nigeria, which include, leadership problem, corruption and poor rule making and implementation. Hence, for Nigeria to develop, it must get rid of these identified problems.