The novel Covid-19 pandemic has caused disruption of several activities globally. It has resulted in lockdown of economic activities in most countries including Nigeria. The effects of the pandemic and the associated lockdown on the mental health status of Nigerian students have not taken into perspective in the control efforts. This study was conducted to assess the burden of the psychological problems associated with COVID-19 pandemic and coping strategies among students at Bowen University, Iwo (BUI), Nigeria. A cross-sectional survey was conducted, and multi-stage sampling technique employed to recruit 433 eligible respondents. Validated online self-administered, semi-structured questionnaire was used to collect relevant information from respondents. Appropriate summary statistics were carried out, and Binary logistic regression model was developed to examine protective/risk-factors of decreased mental wellbeing among the respondents. Mean age of the respondents was 20.11 ± 2.9 years, almost three-quarter (72.7%) of them were females. In all, 55.0% of the respondents had decreased psychological wellbeing because of the lockdown. Protective factors against decreased mental wellbeing included online catting with friends/watching films (OR=0.22, 95%CI=1.37-3.59), and participating in online vocational training (OR=0.25, 95%CI=0.25-0.61). The odds of decreased mental wellbeing was significantly higher in students who indicated a need for substance use as coping strategy(OR=1.50, 95%CI=0.55-4.05), and those who were not satisfied with online teaching method (OR=5.34, 95%CI=4.13-9.18).The mental health impacts of COVID-19 on the Nigerian students is huge. Thus, psychological wellbeing of the Nigerian students should be taken into cognizance and prioritized in the post-COVID-19 national rebuilding strategies. Keywords: Covid-19, Determinants, Depression, Mental wellbeing, Mental disorders, Suicide