This paper examined oil governance in Nigeria and the regulation of fishing industry in the GOG. It specifically analyzed the contradictions of oil governance in Nigeria and their implications for the rise in IUU fishing. The basic propositions of rentierism was adopted in explaining how oil management leads to poor commitment of the Nigerian government as a regional power to cooperate with other GOG states to tackle IUU fishing. The study provided relevant data that support these claims and recommended economic diversification in Nigeria as a necessary condition to improve regulation of the fishing industry in the GOG.