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This research work is focused on the effects of economic recession on Nigerian university libraries. This position paper explained the roles and importance of university libraries in achieving the mission and vision of its parent institution. Consequently, it is aimed at assessing the impact of the current economic downturn in Nigeria and its effects on the university libraries. It identified the causes of economic recession in Nigeria, including poor government policy plans, corruption by government officials, unscrupulous spending by government agents/agencies, decline in Gross Domestic Product (GDP) etc., and its consequences on the university library operations. Furthermore, the paper outlined the adverse effects of economic recession on Nigerian university libraries and the untold hardship being experienced by them, such as, inadequate funding for the procurement of library materials and equipment’s, inadequate funding for staff training and development and lack of staff motivation which often leads to poor job performance, etc. In view of these, the university library must thrive in this turbulent situation, as such; strategies for overcoming the effects of economic recession on university libraries were discussed and recommended not only to Nigerian university libraries, but libraries globally experiencing this situation.