This paper focuses on democratization of education as a prerequisite for social, economic and cultural progress in a multi-cultural society, such as Nigeria. Attempt was made to define and explain the major concepts in the paper. Education was explained as an instrument of democracy and as function of socialization, culture and economic development of Nigeria as a multi-cultural society. Some factors hindering the effective implementation of educational objectives of the nation were identified. The roles of education in the development of various aspects of life were discussed and suggestions were made on how to improve on the current situation of Nigerian economy. (Contains 1 table.)