In most business schools and development economics classes around the world, Nigeria is used as a textbook case of “resource curse”. With more than USD 1 trillion earned from oil revenue since inception, the country is still ranked high in major underdevelopment indicators such as poverty, infant and maternal mortality among others. A comparative analysis of resource-rich countries, however, indicates that development outcomes hinge not strongly on the resource endowment per se, but crucially on effective management and governance of the resource.