Stem cells are unspecialized biological cells associated with self-renewal and proliferation abilities. Stem cell therapy involves the use of stem cells to deliver safe, effective, viable and consistent therapeutic interventions for debilitating health conditions. Many global researchers are striving to overcome the challenges associated with this therapy and Nigerians are not exempted from this struggle. As the country's health sector have suffered rigorous torments because of poor medical care and mismanagement of health facilities. However, it is expected that Nigeria should at least harbour one of the largest stem cell centres in Africa, to help cater for its citizens as well as non-citizens. Notwithstanding the ethical, financial, social, political, and religious challenges facing stem cell therapy in Nigeria, there is still hope for the nation’s health sector to strive past these hurdles in the coming years but only if priority is placed on the well-being of citizens rather than in the search for profit. Future stem cell research in Nigeria should include the treatment of communicable and non-communicable diseases and will be of great importance if the government could harness stem cell therapy as a tool to boost its economy. Hence, this review paper focuses mainly on the present status of stem cell therapy in Nigeria and the way forward.