The intention of this paper was to explain the ills of colonialism on economic development, especially in the developing nations using Nigeria as a case study. The focus was largely on Africa because majority of the world’s developing nations are in Africa, but also because the colonial system in Africa differed greatly from that of other regions like Asia or the United States for example.The conclusion drawn in this paper is that Africa, and Nigeria in particular, with its vast human and natural resources, ought to be a key player in the global economy today. Unfortunately, due primarily to the colonisation the continent suffered, it is the most impoverished and underdeveloped region in the world today. To get out of this rot and fully achieve its potential, the continent needs to sever its dependence on the West and pursue economic and political policies that are void of Western influence.