For over two decades, privatization has become a global trend, especially in Africa as an important element of economic policy to address some structural imbalances. The study seeks to espouse the challenges to the effective implementation of privatization policy in Nigeria. The study postulates that for any successful implementation of the program certain conditions need to be met. These include infrastructural facilities, alleviation of poverty and corruption. The paper adopted the positive theory as its theoretical framework and relied wholly on secondary data and concludes that inadequate infrastructural facilities, poverty and the absence of transparency in the privatization process are constrains to the achievement of any major success in the privatization program in Nigeria. Consequent upon this, the paper recommends the radical development of the infrastructural facilities in the country, the reduction of severe poverty in the country and the tackling of corruption to restore the people’s hope in the program. It is only then that the exercise would receive the blessing from most Nigerians. Keywords: Corruption, Efficiency, Nigeria, Privatization, Poverty, Infrastructural facilities.