The emergence of Nigerian-owned Multinational Corporations (MNCs) is a recent development spearheaded by a handful of companies engaged in banking, insurance, cement manufacturing, telecommunications as well as oil and gas. Based on a sample of 15 companies in respect of which usable information and data were readily available, an analysis was undertaken of the emerging pattern of development of this new phenomenon in the Nigerian business scene. Issues investigated included, amongst others, geographical spread, scope of business activities, ownership strategy, size of investment in overseas subsidiaries, revenue contribution from overseas operations, management and staffing of overseas subsidiaries and integration with headquarters. Other issues investigated include the motivation to invest abroad by Nigerian companies and comparison with the experience of other Third World multinationals from India, Hong Kong and Brazil. The overall conclusion is that Nigerian MNCs have come to stay and that more companies will seek to go multinational in future, especially with the coming into force of the African Continental Free Trade Area which envisages free movement of goods and services throughout the continent. To guide future development, a number of policy recommendations are made for government to promote orderly development with a view to maximizing the benefits accruable from overseas expansion not only to the companies venturing abroad but also in the overall national interest of Nigeria.