Abstract: The study examines the strong reasons for privatization as a way of getting Nigeria on the right path to sustainable economic development. It makes a clear distinction between economic growth and development and submits that there is the need to promote policies that will enhance sustainable economic development and not just economic growth which the nation has witnessed in decades past. The study uses both secondary and primary data with two hypotheses formulated and analyzed using Pearson Moment Correlation Coefficients. The results of the field data were highly revealing, inspiring and motivating. The study finally makes clear policy recommendations which could help fertilize the privatization, drive of the government and thus serve as the path-way to sustainable economic development such as promotion of entrepreneurial studies in the nations universities as catalyst to development, creation of a political environment conducive to economic development, better man-power development and efficient allocation the development of agriculture by all the 3-tiers of governments, mobilization and the use of capital and the dismantling of artificial monopolies and creation of competitive market, amongst others.