This chapter presents all-important discussions relating to flood risk analysis which arguably is a subject of overwhelming significance within the context of less developed societies, for example Nigeria. Whilst a possible means of eradicating flooding from human environment is inconceivable, debates for more effective flood risk reduction methodologies for critical infrastructure protection must continue. Increased population and urbanisation scenarios drive worsened flood risk which trigger increased efforts for corporate adaptability to flooding. To ensure that social systems can cope with floods, it is important to investigate why best practices in flood risk reduction are not fully applicable. This chapter explores these issues drawing from extant dialogues on flood risk management (FRM). Arguably, the current flood modelling techniques and assessment of vulnerability operations largely do not support a realistic analysis of flood risk. Funnelled through an interpretative research paradigm, the chapter conceives that these limitations fall under five cardinal issues ,Äì (1) data, (2) theories and concepts, (3) existing flood risk analyses methods, (4) legislation and policy, and (5) sustainable development. It argues that the realisation of a more effective flood risk reduction for the poorer and less developed societies will depend on effective tackling of these issues which creates opportunities for flood risk analyses through simplified approaches, and use of free and open geospatial data infrastructure.