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This paper examines and ascertains how the contributions of Richard Cantillon have been relevant to the growth and development of the Nigerian economy. In doing this, the economic thoughts of Richard Cantillon were critically examined in order to see how these issues raised have been affecting the Nigerian economy. Political economy and descriptive approaches were used to x-ray the relevance of Richard Cantillon’s contributions to Nigeria’s development. His contributions among others include: the nature of wealth, social and economic organization of people, wages of labour, theory of values, population problems and the use of gold and silver, barter, prices, circulation of money, interest rates, foreign trade, foreign exchange and banking and credit. The findings of the study revealed that his contributions are of great relevance to economic development in general, but have not specifically contributed to the development of Nigerian economy. This is seen in the areas of low per capita income of most workers in Nigeria, negative attitude to work especially by those workers in public organizations, inevitable population problems, persistent increase in the general prices of goods and services, high lending rates by the financial institutions operating in the country, unfavourable terms of trade, incessant and diversion of public funds into luxurious consumption rather than investment in the real sectors of the economy, and without doubt Nigeria has no place in foreign trade. Based on the foregoing, it was concluded that all these ugly trends accounted for the reason why economic growth and development is not at sight in Nigeria. Thus, it was recommended that the monetary authorities should initiate sound monetary policies that would encourage investment in the real sectors of the economy; corruption, which is now widespread in the economy should be checked and curtailed, because it has adversely affected economic growth and development of the Nigerian economy. Also, these monetary policies should be complemented with effective fiscal policies in order to put the Nigerian economy back to path of economic growth and development.

Richard Cantillon’s Ideologies and Its Implications for Economic Development in Nigeria