This study assessed the effect of oil spillage on the socio-economic wellbeing of artisanal fishermen in Akwa Ibom State, Nigeria. Primary data were obtained from 200 artisanal fishermen using multi-stage sampling procedure and analyzed using descriptive statistics and Likert scale ratings. Results showed that the mean age of fish farmers in the area was 40 years and majority (57.0%) were married. Fishermen were quite educated (93.5%) with a mean of 12 years of educational attainment, The mean household size, farming experience and income were 6 persons, 9 years and N600,000, respectively. The major causes of oil spillage were; drilling of oil well, illegal facilities, spill from storage facilities, corrosion of oil pipelines, faulty production equipment, natural disaster, leakages from oil tank, oil theft, shipping accidents, cleaning of oil tankers on the high sea and spills from vandalized oil pipelines. Findings showed that oil spillage reduced the income of fishing household, led to food insecurity, deteriorated the health status of fishermen, polluted the environment, led to migration of fishermen out of the affected areas and resulted in abandonment of artisanal fishing operation for other livelihood operation. Findings further showed artisanal fishermen’s coping strategies to include; migration to other communities, livelihood diversification, extension of fishing time, involvement in community and individual level savings, attending enlightenment programs on coping with effects of crude oil spillage and frequently changing the timing and location of fishing trips. This study therefore recommended that the federal government should implement an aggressive national oil spill contingency plan which includes the cleanup of polluted areas and payment of reparations to affected artisanal fishermen in Akwa Ibom State.