Efficient administration and management of land ownership, holding and uses cannot be adequately achieved without sound land policy and its effective implementation. Land policy is essentially aimed at ensuring land accessibility to citizens of the society as well as protection of their interests. The contemporary land policy in Nigeria is the Land Use Decree No. 6 of 1978, now Land Use Act (LUA), Cap L5, Laws of the Federal Republic of Nigeria 2004. This paper aims at undertaking a contemporary review of the issues and challenges of land policy in Nigeria in order to proffer ways to ameliorate them and ensure that land is accessible to citizens at reasonable ease. The issues and challenges of Nigerian land policy include: the abrogation of freehold interest which affect the free market economy; excessive bureaucracy in obtaining Governor’s consent and approval for land transactions and issuance of certificate of occupancy; underdeveloped or bare land not having commercial value according to the LUA which limits the use of land for mortgage and some other purpose transactions; insecurity of private land ownership, etc. National sustainable economic development and growth depend largely on the land policy in operation; hence it should be inclusive and responsive to the needs of all land users. It is therefore recommended that the LUA, should be excised from the 1999 Constitution to ease requisite amendments to address these contemporary issues and challenges of the land system and use.