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This paper examines the ICT (Information and Communication Technology) revolution and the concept of globalization as they effect developing countries. The wide gap in availability and use of ICTs across the world and the influences ICTs exert on globalization at the expense of developing countries are carefully examined and suggestions and necessary policies are offered for developing countries to leap-frog the industrialization stage and transform their economies into high value-added information economies that can compete with the advanced countries on the global market. This is why it is important for Africa, in general, and Nigeria, in particular, to be aware of the implications, prepare to avoid the most telling consequences and prepare to meet its challenges