Information is a bedrock of any developing society and that is the core purpose of university libraries. This enables staff and student to learn and teach students not just in theory but in practice. However, without well-established libraries the above role may not be implemented. Therefore, there is need for globally competitive libraries in academic institutions especially in privately-owned academic libraries were the cost of tuition is relatively high compared to federal and state owned universities. This is to ensure that lecturers gain access to relevant up-to-date information to teach students and for graduates to meet the demands of dynamic work environment.This paper seeks to examine the various bottlenecks in meeting the above by academic libraries of private owned universities and proffers the way forward.