Nigeria has experienced a continuous decline in sport performance over the time, with national teams failing to qualify for major international competitions. Many reasons have been advanced for the poor performance of Nigerian national teams on the international stage including, poor funding, inadequate facilities, and late preparation for competitions. Several efforts of sport authorities to redeem the time and restore the hope of teeming sports loving Nigerians have also proved abortive. This paper presents a review of extant literature on Talent Identification and Development in order to unearth the major factor militating against the effective development of sports activities so that stakeholders in sport development can draw lessons on how best to handle the process of turning sporting potentials into successful performance. Major sport databases were searched for studies relevant to the review. The analysis of existing literature revealed models and factors of effective development, as well as some context specific practices in the Nigerian sport sector. Recommendations were made for further studies, and for stakeholders to take advantage of this review for the development of sports in Nigeria.