Healthcare waste management has become an important aspect of medical care delivery globally. This is simply because of its hazardous and infectious components that have greater potential for adverse health and environmental impacts. As such, certain guidelines and procedures have been developed by international aid agencies and conventions to guide national governments and local administrations in formulating policies and practices for effective healthcare waste management. In this work, we reviewed the existing literature to appraise the status of healthcare waste management practices in Nigeria. This included generation, segregation, collection, storage, transportation, treatment, and disposal. The current work further reviewed the other essential elements of healthcare waste management, such as policy landscapes, training, awareness, and waste characterization, and discusses challenges and opportunities for effective healthcare waste management in Nigeria. Among the challenges are poor funding, inadequate training, ineffective legislature, and absence of data. However, there are available low-cost technologies that are suitable for the treatment of waste in a developing country like Nigeria. This technology variant offers an opportunity for a circular economy as it can simultaneously achieve energy production, waste management, and other socioeconomic advantages.