When Nigeria got her independence in 1960 there were high hopes that she would become one of the greatest nations in the nearest future. Those who made this prediction were not wrong because Nigeria has what it takes to become great. In terms of population, it is not just the most populous but also one of the most talented in the continent. In natural resources, very few countries in Africa can boast of the resources the country parades. However, when these endowments are placed side by side with development in the country, the result becomes discouraging. Currently, one may assert that Nigeria is or at the point of becoming the poverty capital of the world looking at the rate her citizens are fleeing to other countries in search of greener pastures. Using the method of documentation and conceptual analysis, this study examines why Nigeria has not been able to translate its potentials into development indexes. The investigation centres around two research questions: 1) what is the relationship between the lack of development in Nigeria and electoral malpractice and 2) is Nigeria’s inability to translate its potentials to development caused by executive abuse of powers. The paper discovered that moral decadence in the form of electoral malpractice and executive recklessness are the root causes of Nigeria’s political and economic backwardness. It recommended the formation of an enlightened populace who will not only reject but also fight these two ills through civil resistance as the philosopher’s stone that will save Nigeria.