This study was carried out to examine the economic development of democracy in Nigeria between 1999-2015. It specified on the consequences of privatization policy, the major factor of economic development, the state of Nigeria economic development and the present democratic regime including the Nigerians economic crisis. Impact of corruption and the legacy of military rule on Nigeria’s economic development. It also investigates the impact of unstable government policies and economic injustices in Nigeria’s economic development. The secondary sources of data help to realize different ethnic groups in the country how Nigerian leaders do not know the position of economic development of the country and the concept of true democracy in Nigeria. The findings of this study also showed that democratic experiences have impacted little to the political economic situation of the people. It also revealed that leaders need to develop leadership traits that will properly the country to a stable economy. Leaders should be dedicated and able to perform their duties holistically by not compromising their integrity. Finally, accountability, transparence and selfless service should be the norm and ethnical of any political office holder not just the presidency and the governors and also public office holders should be organized and be more committed to the nation-building effort of the country.