There has been call to address the issue of implementation of Value Management in Nigerian Construction Industry. The implementation of Value Management is largely influenced by the awareness, barriers and perception of benefits. This study, therefore, examines the implementation of Value Management practices with a view to generate an understanding of the level of awareness, application, challenges and perceived benefits among construction professionals in Nigeria. This work should create greater awareness of this exciting Management Concept and shed some light on the practice of Value Management in Nigerian Construction industry. It is particularly useful to professionals in the Built environment and anyone with a passion for ensuring value for money on construction projects.