Among the numerous components of development of higher education are; growth in quantity, quality, relevance and diversity of curriculum [programme and courses]; widening of access and broadening of equity, innovation in teaching methods and techniques; improvement in the quantity and quality of research activities; more and better community services, as well as increase and improvement in facilities for teaching, research and administration. With these, University was specifically established to facilitate creation of new knowledge and innovation for the over all socio-economic empowerment of individual and community development. However, the recent findings on the state of higher education in Nigeria as conducted by the World Bank and UNESCO had confirmed the degradation of the Nigerian University educational system. This paper is therefore an attempt to highlight the current status of higher education in Nigeria, by critically examining major challenges facing Nigerian University education in particular and proffer strategic and symbiotic plans/objectives that would transform Nigerian Higher Education for efficient and effective educational delivery to meet global challenges.