This paper investigated the concepts of higher education research and economic growth in Nigeria. The paper traced the important role economic growth performs in any economy particularly developing economies while high lighting the several consequences of retarded economic growth in Nigeria. Trends and structures of economic growth patterns of the Nigerian economy were examined by assessing the contributions of higher education research to the economy now and in the future. Relevant economic growth theories were examined in an attempt to unravel the relationship between economic growth, economic development and higher education research. The study was guided by four research questions which included trying to find out the policy provision on higher education research as provided for in the Nigerian National Policy on Education, the relationship between higher education research and economic growth and by extension economic development and the prospects as well as challenges to the concepts. Simple tables, graphs and figures were used to present findings descriptively. Data used were mostly from secondary sources. Among current challenges identified were the poor attitude of government to higher education research, uninspiring academic environments leading to brain drain, poor utilization of research findings by both the government and the private sector, poor collaborative research effort of various disciplines in research institutes and universities resulting in inconclusive research works and poor perception of research programmes. Prospects of an improved higher education research were identified in various dimensions leading to conclusions and recommendations for policy makers. [ABSTRACT FROM AUTHOR]