This paper reviews the process of fisheries and aquaculture projects feasibility studies, reports and feasibility analysis. This is to be seen 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 feasibility study, reports and feasibility analysis in order 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 feasibility study and analysis as the initial stages in the development of aquaculture projects were reviewed under the following sub-headings: site selection survey, feasibility report, and feasibility analysis. The importance of proper site selection studies prior to approval of a proposed location and site, and confirmation of economic viability prior to adoption of a proposed project cannot be over emphasized. The main aim is to ensure that, as its contribution to the overall national development efforts, investment decisions and actions in fisheries and aquaculture sub-sector are based on well formulated and environmentally friendly projects.