This study reviews the role of aquaculture project planning and appraisal in Nigeria’s fisheries  and aquaculture sub-sector as part of the larger effort in the quest for food fish security in Nigeria. The focus was on human capacity building in the subject matter. There is a great need for the development of local capacity on small-scale, medium-scale and large-scale project formulation and appraisal even at undergraduate level to realize and sustain the set target in the fishery sub-sector of the Agricultural Transformation Agenda (ATA) of present administration in view of the fast growing aquaculture industry in Nigeria. The important roles of project planning and appraisal techniques as vital stages in the development of aquaculture projects are reviewed under the following sub-headings: the link between projects and national development plans, the nature and characteristics of aquaculture projects, types of aquaculture projects,  project sequence and cycle, project appraisal, and so on. The main aim is to ensure that, as its contribution to overall national development efforts, investment decisions and actions in fisheries and aquaculture sub-sector are based on well formulated and environmentally friendly projects.