The study was conducted to identify the various economic challenges and prospects that are associated with utilization of information and communication Technology (ICT) for Library services in University libraries in Cross River State Nigeria. Design/Methodology/Approach: Survey research design was utilized to carry out the study. A well-structured and validated questionnaire was used to collect information (data) from librarians in Universities in the state. Three research questions were formulated to guide the study. Frequency, tables, and percentages were used to analyze the data collected from the subjects of the study. Findings: The study among others revealed that paucity of funds is a major challenge towards the utilization of ICT for library services. Other challenges identified include poor judicious use of resources and the high cost of maintenance. Practical implication: Among the prospects that are associated with the utilization of ICT for library Services identified by the study include: cost saving and cost effectiveness; easy accessibility of current resources, and resource sharing. Based on the findings of the study, it was recommended that additional and alternative sources of funding should be explored and adopted, while software that will enhance the services and attract more patronage should be utilized by the libraries. Originality/value: The study had made available information on the economic challenges and prospects associated with the utilization of information and communication technology (ICT) for library services in universities in Cross River State, Nigeria.