The paper was written on host nations’ participation in the oil and gas business and the expected gains. This article examined the expected or resulting gains of active participation by host nations in the business of oil and gas, draw conclusion and make recommendations for sustainable growth. From the earliest time, active involvement and participation by the host nations, particularly the so-called third world countries, in the oil and gas business was virtually non-existent, and, at best, incidental. The implication was that the foreign investor corporations exploited the lack of technical know-how, poverty and none active participation of the host nations, particularly in the case of Nigeria, and ripped off such nations of the accruable income by offering meager amounts and some other incidental gains but repatriated the greater earning to their home countries. Oil bearing developing nations, like Nigeria, must not shy away from active involvement and participation in the oil business as the resulting gains and dividends are quite unquantifiable and have multiplier effects on the broad and general development of the concerned nations. It will bring diversification in the economy as profits realized is ploughed into other areas of critical need and development like railways, airports, construction of dams, agriculture, education etc.