The world is shifting towards sustainable waste management practices from waste materials. Globally, waste papers form a large portion of municipal solid waste (MSW). Statistics have shown that approximately 30-40% of municipal solid waste (MSW) each year consists of paper and paper products. In Nigeria, a lot of waste paper is generated on a daily basis at homes, offices, public places, including schools, commercial centres and industrial premises. These wastes more often than not are discarded indiscriminately to the detriment of environmental beauty. And when they are eventually disposed of, they are dumped at landfill sites for burning; a disposal method harmful to humans and the ecosystem. This tendency often results in the accentuation of global warming with the attendant effects on climate change. Hence, paper waste management approach is needed to help reduce green house gas emissions, conserve natural resources and mitigate the environmental impacts of waste disposal. Waste papers consist of varied grades of paper. Traditionally, waste papers are a cheap but often neglected source of paper making stock. The reuse of waste materials is a waste minimization strategy which entails reclaiming activities, allowing direct use or recycling of these materials to produce the same products or other products. Therefore, instead of allowing waste papers to become a source of environmental hazards, they can be made to add value to the socio- economic system of Nigeria, by creating avenues for jobs through waste paper recovery. By merchandising and recycling, these reclaimed materials become cost-effective production inputs for making such sanitary paper products as toilet paper, serviette, paper towels as well as other pulp products like egg crates and ornamental trinket moulds. Consequently, this review paper attempts to examine waste paper recovery as an investment opportunity and eco-friendly waste to wealth initiative. Thus, merchandising and recycling of the recovered waste papers become veritable pathways to wealth creation in Nigeria.