This paper addresses two key issues. First, we provide a set of basic facts on the current state of Nigeria’s economic competitiveness. Using the World Economic Forum’s Global Competitiveness Index, we identify Nigeria’s main competitive strengths and weaknesses. Comparisons with selected African and other countries provide an idea of Nigeria’s economic preparedness to move to a more advanced stage of development. Second, the paper focuses on the fact that in spite of huge oil resources, the nation’s economic competitiveness remains very low. We note the role of expenditure policy in managing the volatility of oil revenue/wealth, which has implications for economic development in Nigeria. We then highlight the areas on which the country should focus in order to achieve higher economic competitiveness, sustainable growth and enduring prosperity for its citizens. These include measures at the macro, micro, state, and regional levels, in addition to adopting sound and prudent fiscal policy, productive investments (especially on infrastructure and human capital), and diversification of the economy.