The wellbeing economy paradigm has implications for socio-economic change in countries like Nigeria and others easily linked to the irony of natural resource curse and blessing. Stories of violent conflict, poverty and bad governance are widespread in these countries. Within this context, and based on participant observation of two major meetings of members of We-Africa Network in 2015 and 2017, this article reflects on the imperatives of an emerging paradigm (wellbeing economy), capable of influencing policy relevant development discourse in Africa, with particular reference to Nigeria. It however warns against the risk of failing systems repackaging themselves (capitalist modes of prosperity) in the guise of this proposal, as always, and in all ages, capitalism must devise ways of surviving or demonstrating resilience in the face of scorching challenges. Nigeria's more than fifty-year-old oil industry has a lot of lessons to provide in any discussion of justifications for alternative development models. The wellbeing economy framework will mean rejigging the country's existing economic, social and political foundations, not only to take from the political and economic class power and domicile in the people, but also to make petroleum less visible as driver of the economy. In its place, a thriving manufacturing and service sector as well as technological advancement, along with a revived agricultural system that meets food security needs, will be less a threat to prospects of a wellbeing economy in which economic activities and ecological systems achieve a good balance.