One of the factors that should have made Nigeria achieve better ratings in the Economic Index, Growth Index et cetera is the number of its educated population which is not comparable with any other African nation. However, little or nothing tangible has been achieved so far by the acclaimed largest black population in term of education. This signaled the need to look into the ailing educational system thus the analysis of the knowledge based and certificate based educational system. This paper attempts to analyse the nation's educational system and how it has affected the functionality of education in the country. The paper is purely a conceptual paper which review some literatures to draw some conclusion on the role the certificate based system has wreck havoc to the educational system. The paper further gave a model which analyse the current educational situation and another model which will serve as solution to the situation on ground. Recommendations on the ways forward for Nigeria on its educational system were made in the paper.