The government of Nigeria initiated higher education policy reforms intended to bring its university system more in line with international good practices. The reforms promote increased institutional autonomy, greater system differentiation, strengthened governance, and mechanisms for quality assurance. They seek to create a more flexible and responsive system of university teaching and research that, over time, will contribute increasingly to national innovation capacities, productivity gains, and economic growth. This paper reports on the current status of higher education in Nigeria and reviews the country’s new policy initiatives in this context. The discussion gives particular attention to issues of access, teaching/learning, finance, and governance/management.