Social media as the name implies has been a medium of social interactions, information dissemination and communications in our world today. In other words, it is a computer-based technology that makes it easier to communicate ideas, opinions, and facts by forming important networks and organizations. As such, its importance has been hugely harnessed in education sector for information sharing, searching and social interaction among university students.However, its usage among students may have negative impact on their academic performances. Therefore, this study tried to find out the impact of the variables; social media usage time and study time on the academic performance of Nigerian students using Two-way Crossed Classification. A sampling survey strategy was adopted to get a representative of our target population of university students from which we inferred our findings for the entire population under study. To achieve this, a google form comprising of ten questions of which two of the questions were provided on a five-point Likert scale, with the five possibilities being strongly disagree, disagree, strongly agree, agree, and neutral was developed. The study revealed that spending time on social media alone is not sufficient to adversely affect a student’s academic performance. It also says the same for time spent studying. That means that these two factors when acting alone do not affect a student’s academic performance either positively or negatively. Now, this does not entirely imply that social media usage time cannot affect students’ performance or that spending time studying has no part to play in students’ performing well or poorly but at the 95% confidence level i.e., a significance level of 5% these factors have no individual significant contribution to students’ academic performance.