Acquisition in academic libraries is a road map towards professional competence in acquiring right information resource for the right reader at the right place and at the right time. Acquisition policy is a set of guidelines and procedures to be followed in acquiring information resources into academic libraries to satisfy the information needs of the researchers, students and the academic community. The process of acquiring information resources into academic libraries include: collection development process of selecting, budgeting, ordering, receipt of order, checking of information resources, auditing,
payment and accessioning. This paper explained acquisition processes, electronic acquisition, state of acquisition policy in academic libraries and the problems and prospects of acquisition policy in academic libraries in Nigeria. Based on the research work, it was found out that acquisition policy is a catalyst in rendering library services as 70% of respondents strongly agreed that acquisition policy enhance effectiveness. It was also found out that challenges such as non release of 10% library budget, bureaucracies, low indigenous publishers and acquisition librarian bias confront acquisition policy
implementation. On the state of acquisition policy implementation, it can be deduced from the research work that acquisition policy is not highly followed and practised in the academic libraries under study. Acquisition policy has the following prospects in academic libraries: meeting information needs of readers, provision of current awareness service, promoting quick research services, making accreditation successful and enhancing fair and judicious spending of library funds.
Keywords: Acquisition, Acquisition Policy, Collection Development, Library Budget