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The pursuit of good governance by any purposeful leadership/government world over is generally aimed at reducing to the barest minimum the problems associated with bad governance like insecurity, unemployment, banditry, corruption, infrastructural decay, violence, systemic failure, economic depression, etc. However, concerted efforts of international development partners like the World Bank, United Nations Economic Commission for Africa (UNECA), United Nations Development Programme (UNDP), African Development Bank (ADB), and African Peer Review Mechanism (APRM) of NEPAD, to ensure the compliance of African states to tenets of good governance, the Nigerian situation still leaves much to be desired. The paper analyzed the numerous development and security challenges assailing the nation and the various attempts at explaining them in extant literature. Anchoring analysis on the system’s theory, it demonstrated the overarching contribution of bad governance to these challenges. The paper found that bad governance, and by extension leadership failure, has endangered the peace and security of Nigeria. The study by way of conclusion and recommendation highlights the need for proactive and responsive governance as a tool for overcoming the country’s nagging developmental and security challenges.