Aquaculture in Nigeria has over time emerged as an essential component in the agricultural sector. This sector contributes significantly to food security, serves as a means of employment, and to the overall economic growth of the nation. This paper provides in-depth information on the breeding techniques, culture measures feed and feeding techniques, health management practices as well as processing methods in the Nigerian aquaculture industry. Diverse methods are used to breed different species of fish—tilapia, clarias, and heterobranchus; diverse culture practices for different fish species including ponds, tanks, and cage cultures for tilapia, catfish, heterobranchus, Heterotis, and knife fish are used. Despite the aforementioned, the sector has faced a few challenges. The cost of feeding and raising table-size fish using imported feeds is not economically satisfying as 70% of the cost of procuring feed goes into feeding and raising the fish to maturity. Ponds with inadequate water supply face serious poisoning; water monitoring and management and diseases to maintain optimal fish health are common challenges. Common diseases such as bacterial parasites and fungal infections pose significant threats to fish populations. This sector is also posed with environmental threats and limitations. The study also highlights the need for infusing a combination of various approaches and methods to improve the already existing management practices. Enhanced breeding methods, sustainable local and hybrid feeds, improved disease control mechanisms, environmental sustainability measures, government support and policies, and farmer education are pivotal in addressing these challenges and totally obtaining the full potential of aquaculture in Nigeria.