This paper is an exploratory paper that used the qualitative research techniques to critically evaluate the problems and prospects of university education in Nigeria. It attempted to critically look at the problems confronting university education in Nigeria which include emphasis on paper qualification, failure of public institutions, cultism, corruption, planning and implementation problems etc. and also discussed alternative ways forward. Specifically, the concepts of Internalization and Deregulation were discussed as alternative ways forward for Nigeria’s University Education. To this end, secondary sources of data such as Text Books, Journals, Magazines, Newspapers and the Internet have been used including personal interactions. Useful policy recommendations were also proffered to educational policy makers at the various tiers of government.

Keywords: Nigeria, deregulation, internalization, university education, private universities