Inadequacy of information resources has emerged as a major challenge facing libraries in Nigeria currently. The causes of this inadequacy include poor funding of libraries, high cost of materials, high exchange rate (as many library resources are imported) and global economic recession. The open access initiative presents the library with the solution to this challenge by providing access to high quality E-journals, E-books and other information bearing resource at minimal or no cost at all. This paper considered what constitutes open access resources, reasons why libraries should embrace them, their sources and web addresses, and the barriers to their integration into libraries’ collections. The paper discovered that many libraries lack knowledge of numerous opportunities presented by the open access initiative and do not provide access to them as part of their collections. It was therefore recommended that libraries and library associations should embark on advocacy and awareness campaigns to popularize their benefits to libraries and encourage libraries to embrace them, while accreditation authorities should make OA a requirement for accreditation of programmes. Full support for the implementation of OA projects was also recommended.