The research examines the problems and prospects of Campus radio in Nigeria with a focus on UNILAG 88.9 FM. The study was anchored on three management theories which are Behavioural and Human Relations Management Theory, Fredrick Taylor’s Scientific Management Theory and Contingency Theory. Survey research method was adopted in which 100 copies of questionnaires were administered to respondents that were drawn within Unilag F.M Lagos using non-probability sampling technique (purposive sampling) out of which 90 copies were correctly filled and analysed. The data were analysed using frequency and percentage table method with SPSS version 20. Findings revealed that fund is the core problem facing Unilag FM while it also lack complete autonomy to operate as it operate as part of the university community. Other problems visible is the problem of staffing as many of the team are students. it is recommended that more fund be allotted while the university should give the radio free hand to operate but in line with the objective in other to achieve success.