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This article critically examines the depth of the reforms and elections that underpinned Nigeria's recently concluded political transition. It also analyses the important challenges confronting democratic consolidation in the face of the "imperfect" nature of the political transition, revolutionary pressures from below and factional struggles within the hegemonic elite -- all of which have direct implications for the social contract and the national question. At the end it is argued that this transition is Nigeria's last chance -- and except it transfers real power to the Nigerian people, the current struggles could signpost grave portends for the Nigerian Project.