The situation of Nigerian educational system and quality is becoming worrisome as her policy is more focused on the quantitative than qualitative aspect of institutional development. Government has recently increased the quantity of higher institutions in the country without giving attention to the carrying capacity, learning conditions and the budget allocated to existing higher institutions. Educationist and elites are becoming more troubled as no single University in Nigeria is among the top fifty (50) Universities in Africa, and none is ranked among the top three thousand (3,000) universities in the world. The UNESCO recommendation of using twenty six percent (26%) of her national budget to finance the education of third world countries is a far dream from realization in Nigeria. Nigeria is still devoting less than three percent of her budget to her educational sector. These negative indices have contributed to the huge capital flight out of Nigeria due to Nigerians trooping abroad to acquire quality education. This paper shall conceptualize quality education and national development, note indices of quality education, factors militating against quality education in Nigeria, draw a nexus between quality education and national development, and seek for ways of enhancing the quality of education in Nigeria. The paper is aimed at improving the quality of education in Nigeria and reducing capital flight resulting from Nigerians studying abroad.