This paper explores the intricate relationship between governance and economic development in Africa, with a specific focus on Nigeria. Nigeria, as Africa's most populous nation and one of its largest economies, offers a compelling case study of how governance impacts economic trajectories. Marx and Engels' concept of historical materialism was employed to deepen the understanding of governance and economic development dynamics in post-colonial Africa, with a specific focus on Nigeria's current governance system. This choice is also because it seeks to establish a scientific foundation for fostering a better future for humanity. Secondary sources of data were collected and analyzed mostly in descriptive forms. This study, describing Nigeria's economic and development trajectory as a microcosm of the broader African experience suggests that the quality of governance can either strengthen a weak economy or stifle a potentially thriving one. It underscores the significant impact of governance, highlighting the paradox of Nigeria's vast natural resources coexisting with persistent poverty and underdevelopment. It attributes this to governance issues such as lack of visionary leaders, corrupt practices, embezzlement /misappropriation of public funds, inefficiency, ineptitude, weak institutional capacities, and undue foreign influence. The paper recommends that well-managed and adequately funded Civil Societies Organizations (CSOS) and NGOs have the potential to alleviate the impact of poor governance in Africa and contribute to the establishment of a better society.