This article attempts to contribute towards an understanding of the rise of nationalism in Nigeria and in the Gold Coast by exploring a neglected theme, namely the economic policy of political organizations in the period between the two World Wars. Before about 1918 political organizations did not have a coherent economic policy. After World War I economic problems became more important, and political parties began to take account of them by formulating a programme of economic development. An attempt was made by a man named Tete-Ansa to implement this programme, but he proved unsuccessful. The persistence of economic discontent, together with the failure of moderate leadership, led to the rise of new leaders and to the development of a more radical policy at the close of the 1930's. It was this policy which won mass support, and which played a vital part in the achievement of independence after World War II.