The objective of this paper is to examine the economic implications of the abuses of waiver in Nigeria. This is because part of the objectives of the waivers in Nigeria is to boost local industries, make the much-needed raw materials or goods available in the short-term and generate employment. However, after many years, none of these lofty objectives has been achieved. Most of the local industries have closed shops for lack of raw materials, resulting in the growing army of the jobless in the country. In other climes, waivers are seen as a mechanism for achieving set economic goals such as protection of local industries, job creation, export promotion as well as generation and preservation of foreign exchange. China, India, Malaysia, Japan and many other economies have at various times used waivers, concessions and grants to protect and build local manufacturing and agriculture. Sadly, none of such objectives has been met in Nigeria. Worse still the system has been too corrupted. Some beneficiaries are known to sell duly-approved waivers for essential goods to importers of cars or other products that are of little or no benefit to the economy. Unfortunately, some defaulting companies in duties and levies to the Federal Government, notwithstanding their conduct, even got fresh waivers to import more in an era of impunity where monitoring was zero and the system was run without human face. The paper addresses this challenge using secondary sources. The paper suggests among others that the National Assembly should in fact complement the executive arm of government to end this obnoxious regime. An economy that favours economic cartels and selfish barons should have no place in the Nigerian economy the paper concludes.