The International Atomic Energy Agency (IAEA) requires that all test and research reactors operating on Higher Enriched Uranium (HEU) should be converted to Low Enriched Uranium (LEU) for safety and security purposes. Nigeria having a Miniature Neutron Source Reactor (MNSR) has been long interested in fuel technological research not just to develop the area but also to meet with resolution on the nuclear treaty set out by the global nuclear regulatory body. In this study, reactor kinetic parameters such as effective delayed neutron fractions, prompt neutron lifetime as well as mean neutron generation time were analysed for Nigerian Research Reactor-1 (NIRR-1). Serpent Monte Carlo code 1.17 is used in the analysis. For delayed neutron parameters determination, we used fission probability iteration under one averaged generation time and neutron population rate.The calculated values for delayed neutron were recorded as analogue prompt and implicit prompt neutron lifetime, reproduction time and emission time are in the order of 3×10-7 (s), in agreement with the calculated data from the nuclear data libraries and some literature.The result for delay neutron fraction and other time-based parameters support the fuel core conversion for NIRR-1.The computational and pictorial results obtained from Serpent code simulation described well the transient behavior of the delayed neutron in this reactor.The analytical results also spelled out the relevance and compatibility of low enriched uranium dioxide fuel over higher enriched type.The result of this study conforms with other results obtained from similar reactors but with different Monte Carlo codes and with higher enriched uranium