This chapter identifies reasons why the privatization policy in Nigeria has not been successfully implemented. It also examines future strategies and solutions to the current privatization policy dilemma in Nigeria, and addresses the question: What lessons can be learned from the past that can help Nigeria in the 21st Century to achieve sustainable development? The various types of pragmatic strategies or actions available to the Nigerian government to deal with perceived policy problems in the 21st Century are analysed. These pragmatic policies represent a range of general challenges to the current administration of President Olusegun Obasanjo. The chapter presents an argument that since policy problems are usually complex and contextual, future pragmatic policies should be tailored to specific circumstances in order for it to produce viable policy goals. Familiarity with pragmatic policies would encourage policy makers to employ and craft a broad perspective of specified solutions. We must note, however, those policy problems rarely have perfect solutions, and that some policies are better than others. A primary task of the policy maker is to identify those policies that have the best prospects for improving social conditions and sustainable development goals in Nigeria.