Commercialization of research which is a primary means through which research results are utilized to generate products and services, has become a key component of the research mission of universities such that novel ideas, techniques and products can be generated for the marketplace for the benefit of relevant stakeholders and society in general. In many developed and newly industrializing nations, commercialization efforts at universities have developed into an integral part of research and innovation activities. In these countries, collaborations between industry and the academia present tremendous opportunities for advancing knowledge, applying it to real-world problems, and bringing about various social benefits. Despite global attention to commercialization of research and innovation for sustainable economic development, little attention is given to it by Nigerian universities. The rating of Nigeria as one of the leading producers of scientific publications in Africa and the need to find out the extent to which these research results and innovations are being turned into commercial products and services justify this research work on survey of commercialization potentials of research outputs from Nigerian universities. The survey utilized the questionnaire method of data gathering from selected universities from each of the six geopolitical zones of the country. The findings of the research include an increasing need for demanddriven research to provide solutions to the many socio-economic problems of society, low level intellectual property generation and commercialization by Nigerian universities compared to some selected American and British universities, research success in Nigeria means being published in international journals rather than helping local industries to grow and there are many constraints to effective commercialization of university research in Nigeria. It is concluded that if Nigeria is to achieve sustainable all-round development to enhance the living standard of the populace, Nigerian universities must regard commercialization of technologies as a vital component of university mandates and act as microenvironments for innovation and entrepreneurship. The authors recommend the establishment of appropriate institutional frameworks by government for research commercialization and Nigerian universities should shift research focus towards research outcomes with high commercialization potentials for economic development.