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We report a Ni-Catalyzed Meyer-Schuster reaction of propargyl acetates to give α, β-unsaturated ketones through 1,3-acyl migration. With a bidentate P^N ligand, iPrPHOX, Ni complex shows Lewis acidic alkynophilic reactivity similar to those of late 5d-metals, such as gold and platinum. The astonishing alkynophilic character of the Ni(II)/P^N system was supported by a series of experimental and computational studies.