Vaccines are prospective subverts in battling the COVID-19 virus ravaging the globe and the Nigerian cold-chain system needs a thorough overhaul in order to optimize vaccine distribution. This paper presents a situational analysis of the Nigerian cold chain system, the challenges and opportunities that exist. The problems plaguing the aforementioned system are diverse, ranging from lack of infrastructure, inadequate capacity and limited integration of recent technology to poor training of workers in the cold chain system and these problems are accentuated by the storage peculiarities of the Pfizer and Moderna COVID-19 vaccines. It also compares the capabilities of cold chain workers in the various geopolitical zones in Nigeria and gives a succinct insight into the situation of the cold chain system in neighbouring African countries. Additionally, measures to mitigate the devastating effects of the defective cold-chain system and facilitate effective and efficient distribution of the vaccines are also proffered and these measures include reorganization of the supply chain, training of vaccinators and technicians, accurate estimation of future needs and procurement of infrastructure to increase storage capacity and preserve the cold chain. Finally, it offers recommendations on COVID-19 vaccine procurement in consistence with our economic realities and distribution.