This research presents the report of a study on the interactions among the four key elements of Nigeria’s National Innovation System (NIS) and suggests policy advice to address some of the identified defects in the system. The study revealed that the four key elements of the National Innovation System - Education and Research, Industrial Production, Finance, and Public Policy and Regulation exist in Nigeria. The interactions observed between the S&T institutions on the one hand, and industrial firms and the interface organisations on the other, were very weak. The study suggests a policy overhaul to address the myriad of problems and deficiencies identified as preventing Nigeria’s NIS from functioning effectively, with a view to invigorating the system to perform optimally.