The understanding of the political economy of a country is essential in grasping the political and economic environment in which the country operates. Nigeria, the 12^th largest producer of oil % gas in the world has its political economy around oil even though this later came to be after years of dependence on agriculture. The shift in focus from agriculture to oil is fascinating given the short period of time and total neglect of the agrarian sector. This paper seeks to assess Nigeria’s economy before oil discovery in Oloibiri six decades ago and how this golden resource has [or has not] turned the economy around whilst drawing inference for future lessons on how to re-drive the economy from its mono-product status to one fully diversified and technologically efficient. The paper however contends that oil production has changed the political realities in the country and has seen many ‘rushing’ into politics to have a taste of the largesse. Of course, this cannot be allowed to continue.