FIFA on Friday issued Nigeria with an ultimatum to reverse its decision to suspend the national football team from international competition or have its FIFA membership suspended within 48 hours, DPA reported.
Speaking to Johannesburg's 702 radio, FIFA secretary-general Jerome Valcke said: "If the Nigerian government is not moving back we will have to suspend Nigeria."
"The decision will be made in the next 48 hours," he added.
The Nigerian government on Wednesday suspended all the country's teams from international competitions for the next two years over the poor performance of the Super Eagles at the World Cup.
The team went out winless in the group stage.
Nigeria says it wants time out from the international stage to rebuild the team but immediately fell foul of FIFA.
FIFA has strict membership rules banning political interference in football.