This study analyzes the Boko Haram conflict through the greed vs. grievance thesis, arguing that the insurgency began from genuine grievances rooted in poverty, political exclusion, and social inequality before shifting toward greed and opportunism. Using frustration-aggression and relative deprivation theories, it examines the structural drivers of radicalization while also highlighting how Nigerian government policies and heavy-handed security responses intensified the conflict. The paper contributes to debates on terrorism, governance, and peacebuilding in Africa.