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This paper is an exposition of Karl Marx's political economy to review the philosophical, scientific explanation of historical materialism and relevance in Nigeria. The paper submitted that Nigeria's political economy history reflects evidence in Karl Marx, especially the periods that spanned pre-colonial, colonial, and post-colonial independence era. The paper concludes that Nigeria is in the full-blown capitalism epoch, and state policies have thrived. Nigeria State, therefore, reproduced capitalism and ideological repression of wage/salary workers and the masses. Notwithstanding the inevitability of capitalism and attendant consequences of poverty and socio-economic pressure in Nigeria, it is recommended that public-private partnership be a continuum in providing essential services in which consumption and demand are inelastic. State intervention is non-negotiable in essential services to mitigate the purchasing power of wages and salaries in the inflationary trend, which has soared continuously in Nigeria for decades.