This study predicated on Marketplace of Ideas Theory, seeks to understand the law of defamation, the inhibitions and the prospects for Nigerian journalists. The study also traversed the Nigerian law of defamation and the concomitant issues that might stiffen freedom of expression, as well as restrict journalists from functioning effectively in the field of journalism, amongst others. Findings indicate that enormous inhibitions exist, such as chilling effect on freedom of expression, high cost and lengthy legal process, as well as ambiguous legal standards, amongst others. The study concludes that all these have frightening effects on journalists’ ability to discharge its functions unfettered. However, the study recommends, amongst other things, legal reforms and strategic training for journalists on understanding and positive navigation of law of defamation.