The indispensability and vast career possibilities associated with Chemistry notwithstanding, there is a palpable growing decline enrollment in Chemistry in Nigerian universities, particularly the private universities. The paper interrogated the teaching and learning of Chemistry in Nigerian private universities with a view to re-awakening the students' interest for effective mastery of the subject. It relied on secondary sources and critical analysis and found out that major inhibiting factors include: Students' faulty foundation in Chemistry, syndrome of area of concentration, absence of competitiveness in the admission process, poor attitude of students and lecturers as well as the ambience for effective scholarship. The paper concluded that the current downturn in the students enrolment in Chemistry and the seemingly poor interest in the subject portend sufficient threat to the future of Chemistry, chemical-related industries and the replacement of ageing Chemistry lecturers in Nigeria. It recommended the following strategies to mitigate the vicious cycle: targeted tutorial system, adoption of digital modes of teaching and learning, problem-based learning, capacity building initiatives for Chemistry lecturers, quality assurance mechanism, overhauling science education at the primary and secondary school levels, need-based assessment and provision of quality materials as well as adequate funding.