Despite a plethora of policies that address issues of conservation of nature’s resources, biodiversity continues to face a series of threats in Nigeria. The study aimed at a critical appraisal of the status of biodiversity conservation and utilization pattern in Nigeria. The review was carried out using published materials and personal interactions with knowledgeable individuals. Poverty, population growth, invasive alien species, habitat fragmentation were identified as core factors depleting biodiversity in Nigeria. Although no reliable record yet exists for assessing the rate of biodiversity loss in Nigeria, substantial evidence shows that biodiversity is being lost at a disturbing rate. The IUCN Red list assessment reports that 141 native animal and 168 native plant species of Nigeria are currently classified in different threat categories. With these assessments been carried out on the global level, we hypothesized that such global assessment might be biased based on the various identified peculiar threats faced by different species in their local environment. To properly monitor and reduce the current state of biodiversity, reliable data on biodiversity is necessary. The development of a red List for Nigerian flora and fauna is recommended.