Nigeria is a country with over two hundred (200) million people and diverse ethnic groups. The country is endowed with an abundance of mineral and natural resources scattered all over its different parts. With these human and natural resources available for growth and development, it is paradoxical to state that the country suffers economic maladies and stunted processes towards its developmental strides which has made it to be classified as a third world country. This study is an attempt to investigate through a historical excursion, issues that have stampeded the economic development of Nigeria. The study adopts the historical method of research as findings are presented in a narrative and analytical form. The study heavily relies on the secondary source of data collection which include the use of books, journal articles, internet materials and unpublished projects and dissertations. This study argues that the root issue in Nigeria’s contemporary problem of underdevelopment is her contact with Europe which came with its attendant consequences of slave trade, colonialism, imperialism and neo-imperialism. It concludes that both poor leadership and followership problem constitutes one of the leading problems of the country and that if these dual issues are addressed, then all other issues militating against the country’s economic development will be curtailed. Keywords: Economic Development, Nigeria, Issues, Historical discourse, Underdevelopment..