Coconut (Cocos nucifera) is a popular member of the palm family Arecaceae which originated from Asia. It was imported into Nigeria during the colonization era. There are many varieties of coconut in the world with the West coast tall and the dwarf varieties being the two most common types. This review examined the problems and prospects of coconut plantation development in Nigeria. There is a large unexploited opportunity in the local and international market due to some problems that need urgent attention before the coconut resources in Nigeria fade away. The current state of coconut production and uses in Nigeria does not match up to its international counterpart and therefore there is a need to tap into the unlimited riches that the “tree of life” has to offer. On the 18th position on the world coconut production country index currently, Nigeria can only boast of 265,000 metric tonnes of coconut production, a country that is bestowed with an arable rainforest zone fertile for a crop that is non-indigenous to it. Thus, the nation has the chance to meet the increasing market demands globally.