Nigeria is an oil producing nation which have been relying heavily on oil revenue for its economic well being. Oil depletes and its price can crash making dependence on oil as a mono means for the country’s future futile. Information and communication technology (ICT) on the other hand has impacted the economic growth of various nations such as India. ICT seems to be a key factor in stimulating the development of a country’s productivity across most sectors of the economy and ensuring global competiveness and a move to a New Economy. This Paper examines if a causal relationship exists between ICT and economic wellbeing (GCI) and if ICT can offer a way forward for Nigeria to move from oil based to service and product based economy. The paper also conducts an empirical analysis to find out if oil producing nations experience better growth against ICT innovative nations using 10 countries. The results of the analysis support the believe that ICT led development and of the existence of a causal link between ICT and economic growth and non-existence of a causal link between oil production alone and economic development.