The development of any country is hinged on the pattern and dynamics of its governance. Nigeria has practiced democratic process of governance over a long period of time, since 1999. The dividend of this democratic process, in terms of economic development, was the preoccupation of this paper. The paper concludes that the tenet of democracy at every level of governance in the Nigerian context has been greatly encroached which is due largely to factors including: party politics, ethnicity, bad leadership, religious bigotry and corruption. These are born out of lack of political will by some individuals in leadership position. Therefore, if an enabling ground that is conducive enough to foster human rights, liberty and liberation is not created, the needed gains of democratic processes will remain an illusion. The paper recommends the need for the country to come to terms with regional inclinations and use it for its advantage, through policies that acknowledge the interest of all the regions and harmonize it to the development of the country at large. But this can only be possible if individual self-aggrandizement is overcome by politicians and their supporters, so that democracy is pursued through the establishment and observance of the rule of law, with complete separation of power and independence of all the three arms of government.