ABSTRACT Piracy and insecurity in Gulf of Guinea maritime environment has been of serious concern to member states as well foreign investors. The abundant mineral resources most especially hydrocarbon, has attracted major multi-national oil firms as well other investors to the oil rich region. However, the region is battered by sophisticated pirate groups among other sea criminals. Generally, the study was focused on Nigerian experience amidst security challenges in the Gulf of Guinea. Thus, the study is poised to ascertain whether piracy, small arms running as well maritime insecurity in Gulf of Guinea undermine Nigeria’s economic and security development. The study examined extant literature bothering on the subject of discoursed. Similarly, Marxist Political Economy approach was adopted to explain the relative variables. Hence, the study employed qualitative method of data collection and invariably qualitative descriptive method of data analysis. A single case ex-post facto research design was used to demonstrate the causality in the relationship between the variables under study. Furthermore, the study noted that piracy; maritime insecurity among others related crimes have adversely undermines the nation security and economic development. Therefore, the study recommended holistic approach that will proffered solution to the maritime insurgency; among which is the need to address the underlying socio-economic issues that fuel piracy, these include: the large scale unemployment, lack of social services and political frustrations that prompt more people to join these criminal organization; however, more attention should be given to maritime policing and surveillance by government.