Third wave technology has become a key concept in economic development in the 21st century. It is also a backbone of knowledge-based economies in terms of operations, quality delivery of services and products. Knowledge age is a blessing to Global South’s educational sector. There is now growing evidence that knowledge –driven innovation is a decisive factor in the competitiveness of nations industries, organizations and educational sectors. Educational sector has benefited tremendously from the third wave technology. The paper presents the current trend in the application of information and technology in Nigerian Universities. The study was carried out in 20 Universities in the country, ten private and ten public Universities. The study reveals that the application of third wave technology has brought about tremendous change in the quality of education in Nigeria; in terms of delivery and assessment. It also revealed that third wave technologies have brought about the application of elearning, e-library; these have enabled mass literacy among the Nigerian populace. It also discovered that both the private and public Universities apply third wave technologies holistically. Some grey areas were also revealed, like mental laziness among the students who prefer to use their Smarts Phones for social media rather than for academic work. Reading and writing habits are also deteriorating among the students. The paper concludes that third wave technologies is a welcome development that could move the educational sector to an amiable level if it is applied in positive direction. The paper recommends that the use of contingency model in the application of third wave technologies should be encouraged in the Nigerian Universities. The government should make sure that the Cyber Security Agency is enabled in order to control the cyber crime that is usually associated with internet usage.