The knowledge and understanding of value management concept is critical in achieving project goal and objectives in terms of time, cost, quality, safety, and functionality. Previous studies have found that has been emerging as a concept that is needed to be integrated into Nigerian construction industry projects. The study seeks to assess the use of VM concept as a project management technique by construction stakeholders in south-south Nigeria with a view to ensuring a sustainable and vibrant VM process in the construction industry. The objectives were to assess the level of awareness of value management concept for construction projects in Akwa Ibom and Rivers States, examine the level of implementation of value management practices by stakeholders, evaluate key drivers influencing the practice of value management practices and assess factors inhibiting the smooth implementation of VM practices for construction projects in the study area. Related literatures were reviewed to achieve the objectives. A cross-sectional survey approach was used for the study. One hundred and seventy-seven (177) questionnaires were retrieved from the respondent which included: 77 contractors and 100 consultants who applied the understudied value management concept for construction projects delivery. Data collected were analysed using mean item score, relative importance index and Mann Whitney U-test was used to test the hypotheses. Findings indicate value management practice is very low in the south-south Nigerian construction projects, even though the study shows that, there is knowledge of value management among stakeholders in the implementation of this concept in the region. Improved products and services, Work towards arriving at a more effective design, Seek to obtain maximum efficiency ratio, Create a clearer focus on the project objectives, Higher efficiency can be achieved due to the multidisciplinary and multi-task teamwork, and Clearer project brief and decision making were discovered to be the key drivers influencing the practices of value management for construction projects in the study area while Lack of awareness, Absence of formal guidelines, Passive behavior among VM practitioners and Ineffective procurement issues were the factors inhibiting the smooth implementation of value management for construction projects in the study area. Findings suggest that professional bodies and academic institutions organize a sensitization programs and also synergize with relevant government institutions to get a legislation that would enforce value management in Nigerian construction industry. Proper guidelines should be published as well as Procurement Act should also be reviewed to include value management practice for construction projects in south-south region.