International journal of Innovative Research in Management ISSN 2319 - 6912 (November 2012, issue 1 volume 2) 30 SURVIVAL OF PRIVATE UNIVERSITIES IN NIGERIA: ISSUES, CHALLENGES AND PROSPECTS. Akindele, R.I 1 , Oginni, B.O 2 , and Omoyele, S.O 3 1. Department of Accounting and Management, Obafemi Awolowo University Ile-Ife, Osun State, Nigeria 2. Department of Economics and Business Studies, Redeemer’s University, Mowe – Ogun State, Nigeria 3. Department of Economics and Business Studies, Redeemer’s University, Mowe – Ogun State, Nigeria Abstract: Education at higher level is critical and essential to the sustenance of economic growth and development of any nation. In Nigeria today, there is population explosion with respect to the number of people seeking admission into public higher institutions whose interest could no longer be satisfied and this explains one of the fundamental reasons for the establishment of private universities. However, the trends of events in recent years about the operations of these private universities call for concern towards the survival of these private higher institutions. On this basis, the paper critically examined the issues involved in the survival of private universities and carefully outlined the various challenging forces that can hinder the survival of private universities as well as assessing the prospects of private universities in Nigeria. The paper adopted secondary data as the main source of information; the following were some of the issues identified in private universities to include leadership, culture, technology, structure, working capital, change etc while funds, location, accreditation of programmes, image etc were the major challenges militating against the survival of private universities. Prospects were identified and discussed leading to various suggestions such as campaign for endowment funds, human resources management practices should be designed to accommodate job security and call for change in the attitude of Nigerian and if adequately embraced and imbibed, the private universities in Nigeria will survive and be able to compete favourably with other private universities outside the country. KEY WORDS: Survival, Private Universities, Challenges, Endowment and Job Security. 1. INTRODUCTION The increasing complexity of business at all facets of its activities in various sectors of the economy in Nigeria made a research into survival of private university a great concern on the