Abstract: Quality basic education is the cornerstone for sustainable socio-economic development of a nation. The launching of the Universal Basic Education Programme by the President of the Federal Republic of Nigeria on the 30th September 1999 is a clear evidence of the nation�s commitment to the Jomtien declaration on the move towards a drastic reduction of illiteracy within the shortest time frame. Nigeria is committed to the achievement of Millennium Development Goals (MDGs) in achieving Universal Basic Education by 2015. Records however, showed that before the launch of the UBE programme in 1999, the transition rate from primary school to junior secondary school was 43.7%. This implies that 56.3% primary school pupils may likely grow into adulthood as illiterates. In recent times, the demand for education is on the increase in view of the increased consciousness about the role of education in enhancing upward socio-economic mobility. At the same time, sectoral competition for the nation�s meagre resources is on the increase. Consequently, the government alone cannot meet the masses� need for quality basic education. Therefore, private sector participation in the ownership and control of schools is inevitable as complimentary to government efforts. The implications of this on access to basic education and quality assurance are notable. Private sector initiatives in the provision of basic education should therefore be properly coordinated through effective monitoring and supervision for quality assurance. This will enable the country to reach the goal of achieving quality Universal Basic Education in 2015.