It is now over four decades since the idea of a New International Economic Order (NIEO) was proposed. Same is still been popularized, applauded tacitly by the developing Nations and seen as the way to go by the international community. This work seeks to examine the proposed new economic order and its possibilities and challenges. The analysis indicates that no significant progress has been made in the demands listed as contributing to the NIEO, especially, the ones that are germane to the heart of the present system. They are in the areas of money and finance; integrated programme and terms of trade; technology and TNEs; sovereignty and equal rights; and co-operation among developing countries. It is important to state that as long as these basic issues are not resolved and a consensus does not emerge concerning them. The possibility of a new international economic order will continue to gloom.