The study assessed the impact of a World Bank Assisted Project "STEP-B" on teaching and learning of Science, Technology and Mathematics Education (STM) in Nigeria. It also described the contribution of Obafemi Awolowo University, Ile-Ife to the improvement of STM through research development, utilization of ICT, human resources and Educational Technology infrastructure in Post Basic Education Institutions (PBEIs) in Nigeria. A sample of 360 participants was used. They were selected from all the PBEIs through stratified sampling technique based on gender, course, department, unit and job prescription. Data was collected using a-34 item questionnaire designed by the researcher with six sections. The data was analyzed using descriptive and inferential statistics. The results revealed that there was a remarkable improvement in the teaching and learning of STM in PBEIs (F[subscript (4,233)] = 6.112, P<0.00). A new creative, participatory and competency based learning method that is flexible, robust that incorporate web-based instruction (F[subscript (4,235)] = 2.248, p<0.04) was used. There was an increase in female enrolments in STM as a result of the different motivation and sensitization workshops (F[subscript (4,231)] = 8.109, p<0.01). The project was effective in building staff and students capacity to utilize WBLS (F[subscript (4,234)] = 5.569, p<0.01). There was also a reduction in the drop-out and failure rates among female students (F[subscript (4,233)] = 7.360, p<0.05).