Abstract: This study examines the impact of private broadcasting in Nigeria following the deregulation of the sector in 1992 by the Babangida regime. Hitherto, broadcasting was an exclusive central government preserve so that the entry of private players in the industry necessitates an appraisal with a view towards ascertaining the benefits that had accrued since the liberalization of the sector. In this sense an assessment of the performance of private broadcast stations was done, taking into cognizance their viability with regards to their advert base to determine if the private stations have been able to wrest control of the industry from public stations. The result reveals a very competitive industry environment with indicators suggesting that the private stations are giving the public stations a run for their money in terms of acceptability through quality programming leading to increased patronage and attraction of adverts. A major find is the socio-cultural, economic and political gains of the deregulation for Nigeria. In the first case, it is seen that private broadcasting has promoted the cultural values of the country with the production and broadcast of indigenous programmes such as dramas, Nigerian home videos, musicals and soap operas etc. Secondly, several hundred-job opportunities have been created in a country where unemployment is rife. Politically, the deregulation has engendered a new spectacle and grandeur in political reporting and analysis. The various political programmes of some of the private stations such as kakaaki and Focus Nigeria of Africa Independent Television (AIT), provides platforms for not only objective and timely political developments within the polity but also reveals a clear departure from the hitherto placid nature of news and political coverage during the era of sole government domination of the industry.