This paper discusses the roles of stakeholders in improving quality of university education in Nigeria. Internal and external stakeholders are identified and the various roles they could play in improving the quality of university education are discussed. The paper contends that continuous and holistic improvement in university education system requires the collaborative efforts of various stakeholders both internal and external. Collaboration will help to trigger improvement in university education system. Such collaboration could be achieved through universities establishing a close link or relationship with employers of labour and other external stakeholders such other educational institutions, non-governmental organizations, private sectors. Universities can also collaborate with firms/industries by utilization of their technologies and expertise to influence improvement through staff training. Thus, quality can only be attained in university education through cost sharing among stakeholders such as government, universities and public/private sector. University administrators and university board management committee could ensure continuous improvement in university education system by ensuring constant training and retraining of teachers and other staff via professional development programmes of high quality. In this way, excellence and high standards are attainable in university education systems in the country.