Nigeria, with a population of about 175,000,000 people is grossly undernourished; lack of adequate protein being the primary factor. Currently, the Nigerian aqua feeds industry is experiencing rapid growth. However, production capacity cannot match the ever increasing aquaculture production thereby resulting in a whopping 75 percent importation of the total aqua feeds required by the fish farmers in Nigeria. Admittedly, this problem needs urgent attention. With this in mind, the authours have reviewed the importance of fish in human nutrition to buttress the superiority of fish protein over all other protein and why fish demand always outpace supply. Overview of the aquaculture production is also presented to compare fish demand and supply alongside the ever increasing population in order to establish deficit. Past and current status of the Nigerian aqua feeds industry is also reviewed and the established trend indicated that while there was a dwindling production capacity in the 1980s, a sharp increase was noticedin 2000 when production capacity of 35,570 tonnes of aqua feeds was recorded while production stood at 10,760 tonnes.In 2015, Nigeria is estimated to have produced 647,750 metric tonnes of aqua feeds. A review of the supply analysis indicated that Nigeria still needs to step up local production in order to reduce importation. The last section of this review deals with the challenges faced by the Nigeria aqua feed industry with lack of feed ingredients taking the lead. Indirect devaluation of naira has been seen to have a serious negative impact on the prices of ingredients used to manufacture these aqua feeds as well as, inadequate supply of maize and soybean, which are also competed for by humans and livestocks. From this review, it is seen that there is an urgent need for Nigeria to step up aqua feeds production if Nigeria must attain self-sufficiency in terms of fish production. The solution to it is for government to provide assistance to the agricultural sector by earmarking a better percentage of the country’s budget for people to do commercial agriculture. Incentives should also be made available on areas like fish nutrition, processing and feed formulation in order to encourage the youths in becoming experts in this fields.