Owing to the dramatic pace and scale of its transformation, Nigeria is considered Africa's next urban giant. Between 1960 and 2010, Nigeria added approximately 62.5 million inhabitants to its urban population, with forecasts to 2050 projecting an additional 226 million. As Nigeria forges ahead into the next chapter of its urban transition, there is an unmet need to take stock of past experiences, identify trends, and speculate on future growth trajectories. Taking advantage of recently available datasets from the United Nations and the Africapolis Project, this paper launches an inquiry into the nature and causes of Nigeria's rapid urban transition between 1960 and 2010. It disaggregates urbanization into its individual components of urban growth and calculates their contributions to the overall urban increment. Several notable findings are highlighted. Nigeria, which is considered a late urbanizer, is currently in the accelerated stage of its urban transition and is projected to enter the terminal stage by 2030. Urban natural population increase has been the dominant component of urban growth in the post-colonial period and will likely continue to be so in the immediate future. Despite this, policies aimed at stemming rural to urban migration appear to have been the preferred mechanism for lessening the pressures posed by the contemporary urban transition, suggesting a potential policy mismatch.