With advancement in information technology in the 21st century, e-learning has become an invaluable technology for teaching, learning and research in education. E-learning involves the use of technology to enhance learning including digital collaboration, satellite broadcasting, CD-ROMs amongst others. E-learning has so many advantages over the traditional method of teaching and learning. Besides, so many e-learning tools are available for teaching and learning. However, despite these numerous advantages, a careful look at Nigerian educational system shows that the use of e-learning is still rather slow or imaginary. One of the reasons for this may be due to ignorance, negative perceptions amongst students and teachers and; non-availability of e-learning facilities in the system. This paper critically examined the potentials and immense benefits of e-learning in education generally and business education in particular. The paper also looked into the Nigeria policy on information and communication technology (ICT) as it relates to education. It further presented various methods that may be employed in delivery business education lessons via e-learning. Recommendations were made that there should be awareness creation about the potentials and prospects of e-learning in Nigerian schools amongst others.