Good Governance is intended to enable a government to effectively and efficiently manage, control and harness both human and material resources for the overall development of a particular country. Indeed, Good Governance has a crucial role to play in ensuring that the welfare of the citizenry is improved through the provision of some basic necessities of life. The paper argues that lack of Good Governance is a major challenge to Nigeria’s National Development in the Fourth Republic. The paper, therefore, argues for Good Governance as a panacea for sustainable national development in Nigeria. In doing this, the paper relies heavily on secondary sources of historical data. The paper concludes by recommending that political office holders should be visionary, selfless, accountable and responsive to the needs and yearnings of the citizenry.