The authors examine how a realistic science, technology and innovation policy can be formulated to enhance the development and management of a nation's physical and human assets and to accelerate socio-economic development through focused S&T engagement. The paper traces the evolution of S&T policies in Nigeria, particularly between 1986 and 2003, in terms of policy environment, objectives and implementation using the pillars of good democratic governance: transparency, accountability, equity and inclusiveness. The authors note the poor performance record of previous S&T policies in terms of their failure to attain their goals. It is argued that this poor record may be the result of a lack of adherence to the democratic principles in the top-down approach adopted and deviation from the framework of the Triple Helix. It is suggested that there is a need for a new democratic paradigm, as exemplified in the current STI policy which is strategically anchored in the national system of innovation and which exhibits a bottom-up, all-inclusive participatory approach with clearly defined roles for the key stakeholders. (Contains 1 note.)