This paper examines the problems and prospects of education in Nigeria. Education is the bedrock of development. But unfortunately Education in Nigeria is bisected with myriad’s of problems. These includes; poor funding and thus poor educational infrastructures, inadequate classrooms, teaching aids (projectors, Computers, Laboratories and libraries), paucity of quality teachers and poor / polluted learning environment. In addition to these inadequacies, our school system is plagued with numerous social vices such as examination malpractices, cultism, hooliganism and corruption. For meaningful development to take place in the educational sector; the government need to re-address the issue of funding. Private educational investors, teachers! Parents/guidance and students/pupils need a reorientation towards achieving the goals of education. Also education must be made affordable for all and sundry. The current monolistic approach to knowledge acquisition must be changed. Technical education and innovation/ adaptation centers must be encouraged and well funded, if this nation must move out of this present technological and scientific dependence. Government and the organized private sector must as well fund research programmes, inventions and mass production of invented products.