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This study provides relevant economic ideas that can assist Nigeria and other African countries in making innovative policies at privatizing university education. A review of the education market scene on the continent provides an imperfect market with adverse consequences occasioned by inadequate information and unbridled competition. Advocating a joint role for sharing the costs and benefits of university education between government and private sectors, the study suggests a four-policy option for adoption by Nigeria and other African countries. Using the Backcock University in Nigeria as an example, this paper demonstrates the positive managerial influence of a competitive and complementary system of private university. Nevertheless, to forestall market failure, this study rounds off by pointing out the reformatory, regulatory and redemptive roles of government in the management of private universities in Nigeria and other African countries.