Today, fish farming has become one of the fastest-growing farming businesses, turning Nigeria into the second biggest aquaculture producer in Africa. Also, Nigeria is the leading country in the production of African catfish (Clarias gariepinus) and African bonytongue (Heterotis niloticus). The great quantity of land, inland water surface, and coastland, which are suitable for fish farming, have placed Nigeria at a very advantaged position to develop aquaculture further. Here, the development of brackish and marine aquaculture represents a promising field for future expansion. An adaptation of aquaculture development has to reduce the impact of climate change as outlined. Furthermore, disease management has to be urgently improved. Among others, the availability of commercial feed pellets is a bottleneck that has to be overcome. Unfortunately, Nigeria is far from self-sufficiency in its fish supply, with a deficit of about 2.5 million tons being imported, but national initiatives envision an expansion in the future to increase the supply of the population with high-quality protein and the prevention of malnutrition. This study identifies challenges and opportunities of the aquaculture subsector and tries to give some recommendations for future development, highlighting potential governmental interventions and support.