Advances in nanotechnology has brought about development of cutting–edge technologies in various industries in technologically developed countries. However, little is known about its risks and potential applications in the developing countries around the world. This study investigates awareness, risk and benefit perceptions of nanotechnology by undergraduate students from some universities in Nigeria. The undergraduate students’ perceptions and opinions about nanotechnology were elicited through a survey tool that comprise of 30 structured questions. The study was carried out among 110 respondents from both public and private universities distributed within the four geopolitical zones in Nigeria. The results showed that a greater percentage (62.3%) of respondents had little to no understanding of the context or basic knowledge of nanotechnology and only (37.7%) of respondents had basic knowledge of nanotechnology. Although a majority (77.4%) of respondents had some level of awareness of the word ‘nanotechnology’, their perceptions of the risks and benefits associated with the technology was poor. This study suggests that effective understanding of perceptions of nanotechnology by the undergraduate students is critically important for realization of technological advances in a developing country like Nigeria.Therefore, there is an urgent need to educate the future workforce about this emerging and rapidly growing field of nanotechnology and its diverse applications.