For many Nigerians the idea of drug smuggling has become the pharmaceutical equivalent of the lottery ticket: it gives a tiny rational foundation to the fantasy of obtaining wealth. Neither official exhortations to abide by international laws, nor the gruelling prospect of capture, incarceration, or even execution are effective deterrents. This sudden opportunity to acquire a great deal of cash has further exacerbated a parallel development in the country's political economy. The methodology used in this study was a desk based library method where the knowledge gained from various literatures as well as conceptual, theoretical, and empirical studies reviewed form the basis for conclusion and recommendations. The paper identified a high level of institutional cum political corruption, poverty and rising insecurity as the major contributing factors to the rising trends of drug abuse and illicit trafficking in Nigeria. The paper recommends for the capacity building and strengthening of Nigerian security agencies as well as good governance for a better Nigeria as a country. Government should also strengthen all relevant institutions saddled with the responsibilities of monitoring illicit financial flows and money laundering activities linked to the drug trade and ensure that offenders are prosecuted.