The protester was hit by a bullet when police violently dispersed peaceful demonstrators in the Surulere area of Lagos.
The police also arrested some of the protesters during the incident.
This adds to the number of peaceful protesters killed since the demonstration started on Wednesday.
Earlier, President Muhammadu Buhari had while addressing Nigerian youth promised to prosecute officers found to be high-handed in the discharge of their duties.
He admitted that the police had been engaging in extrajudicial activities and killings of innocent Nigerians.
The President said the disbanding of the Special Anti-Robbery Squad unit of the police was the first step in the reformation of the police.
He said, “I use this opportunity to say I am aware (sic) of the recent genuine concerns and agitations by Nigerians about the excessive use of force and in some cases extrajudicial killings and wrongful conduct by men of the Nigeria Police Force.
“The disbanding of SARS is only the first step in our commitment to extensive police reform in order to ensure that the primary duty of the police and other law enforcement agencies remains the protection of lives and livelihoods of our people.
“We will also ensure that all those responsible for misconduct or e unearth and brought to justice.
“We also deeply regret the loss of lives in Oyo State during the recent demonstrations.
“I have directed that the circumstances of his death should be thoroughly investigated.
“Meanwhile, it is important to recognize that the vast majority of men and women of the police force are hardworking and diligent in performing their duties. The few bad eggs should not be allowed to tarnish the image and reputation of the force.”
The protests, which started on Wednesday, have spread to different parts of the country.
Though the initial demand of the demonstators, which was to scrap the Special Anti-Robbery Squad unit of the police had been met, protesters are now demanding the reform of the police force as a whole.