Oliseh takes over from another former captain, Stephen Keshi, who was fired this month for breaching his contract by applying to be Ivory Coast coach.
He said it was an honour to lead the Super Eagles, but warned that he alone was not capable of turning around the country’s footballing fortunes.
“It a great honour to be coach of this nation,” he said at a media presentation in Abuja Wednesday.
“First of all, I am not coming as a Messiah. I am not coming as a man who can single handedly turn Nigeria into Germany.
“I am coming in to do my best and give, if possible, 150 per cent all the time.
“The state we are now in in Nigeria I think we are all not happy with. Gone are the days we have individual players who can single handedly win a match for you. But we have the potential and that is our belief and the players must know that it’s an honour to be invited to the national team.”
Oliseh played for Nigeria from 1993-2002, winning the African Cup of Nations in 1994, and Olympic gold at the Atlanta Games in 1996. He also appeared at two World Cups.
The 40-year-old, who played club football in Italy, Germany, Netherlands, and Belgium, is expected to bring in his own backroom staff.
After Keshi’s contentious departure, Oliseh’s immediate task is to prepare the team for 2017 African Cup qualifying, which resumes in early September.
Nigeria are three-time African champion, and won their first continental title in 19 years under Keshi in 2013.