The delivery of poor quality construction projects in Nigeria presents a problem which this paper attributes to low levels of Risk and Risk Management awareness, understanding and practice. The little or none existence of a formalised and regulated Risk Management process means the construction industry which normally has a high presence of risk is not adequately managed hence an uncontrolled and unmitigated effect on the value and quality of projects delivered. This paper verifies this submission by investigating Risk Management awareness and practice levels in the industry through a survey targeting experienced personnel who by their project positions are expectedly knowledgeable enough to provide credible feedback. A review focused on select Risk Management literature with an objective of creating the necessary knowledge and understanding needed to practice and apply Risk Management, and also most importantly, evaluate how it relates and influences the delivery of quality construction projects of value. This paper presents results fed by questionnaires specifically designed and administered to unravel and establish Risk Management awareness and practice levels. It reveals low, inconsistent and a non-formalised Risk Management practice in the industry under assessment. It reveals the absence of a uniform regulatory authority. It presents an acceptance of Risk Management as a viable solution to achieving quality projects of value and performance. Based on this paper’s findings, a justified case is made for a more formal, consistent and participatory Risk Management process in the Nigerian construction industry. In making this case, this paper posit that if applied, the industry will experience the delivery of much improved projects of value, quality and performance.