Governance matters are arguably at the core of international development. This paper addresses the role theory, policy and practice play in shaping matters of governance as it concerns business development in Nigeria. The paper is organised in three parts, In the first part, the theories on the governance and development nexus are outlined. In the second, the role of governance and its relevance to business development is discussed; here, the concepts, principles and framework for enhanced governance in business are brought to the fore, selected reviews by scholars and practitioners and numerous current key issues are highlighted. In the third part, the impact of governance in business practice is examined. Reviews and current issue related to the impact of governance in business development are also discussed. Besides, lessons are drawn from the review of contributions from selected scholars. The conclusion of this paper is threefold: first, it is a fallacy that there is a preeminent system of governance that is universally applicable for business development; second, the relevant theories on the subject have a remarkably limited role to play in sculpting policy and practice; and, third, perhaps the single most important problem in policies and practices on governance for development is the failure to temper interventions to the contextual dynamics found in each developing country setting.