The high-profile friendly will be financed by one of the team's leading sponsors, Guinness.
"We can confirm this match for June 1 in Abuja," said event organiser Devlin Hainsworth at an elaborate event in Lagos to announce the details of the match.
"This is a time to have some of the world's best players on Nigerian soil."
Musa Amadu, general secretary of the Nigeria Football Federation (NFF), praised the match organisers for bringing a world-class team like Argentina to the country.
"It will be a big event because the fans have been asking for such a big match since we last hosted Brazil in Abuja in 2003," said Amadu.
The two teams last clashed in a World Cup group game in Johannesburg, South Africa last year, with the South Americans winning 1-0.
Argentina's other previous encounter against Nigeria at this level was in a 2002 World Cup group game, which they also won 1-0.
Officials disclosed that Argentina may also seek to arrange a match against Ghana during their visit to Africa.