The growing demand for efficient and inclusive public service delivery in Nigeria has heightened the relevance of Public-Private Partnerships (PPPs) as a strategic tool for infrastructure development and social service provision. This paper critically examines the governance models that underpin PPPs and their implications for effective service delivery in Nigeria. By analyzing institutional arrangements, regulatory frameworks, and stakeholder dynamics, the study explores how governance mechanisms influence the performance, transparency, and sustainability of PPP projects. Drawing from empirical case studies across key sectors—such as transportation, healthcare, and energy—the paper identifies both successes and systemic challenges in PPP implementation. The research adopts a qualitative methodology with a theoretical lens grounded in Principal-Agent and Institutional Theories to explain the dynamics of power, accountability, and coordination within PPP governance structures. Findings reveal that while PPPs hold significant potential, their success is often undermined by fragmented policies, weak institutional capacity, and inconsistent political commitment. The study concludes with actionable recommendations to improve governance frameworks, enhance institutional synergy, and foster stakeholder trust. Ultimately, the paper contributes to policy discourse on PPPs by offering evidence-based insights to guide reform and promote sustainable development in Nigeria’s public service landscape.