Absence of strict professionalism has for long, continued to affect the real professional status of journalism practice in many parts of the world. Before the Second World War, journalism was known as a craft or a trade; while journalists only began to accord themselves the title of being professionals, towards the middle of the twentieth century. With the current proliferation of broadcast media stations in the country, and some people’s quest for fame and recognition through media practice, one therefore wonders if broadcasters in all those stations are professionally trained and duly registered with relevant broadcast bodies. It is against this backdrop this study seeks to analyse the assessment of professionalism and regulation in the Nigeria Broadcast Media. The study has the following objectives: To ascertain the level of professionalism in the Nigerian Broadcast Media. To determine the extent to which the Nigerian broadcast media is regulated. To identify the factors influencing broadcast professionalism in Nigeria. To identify the factors influencing broadcast regulation in Nigeria. The study used the Authoritarian Theory, Libertarian Theory and the Social-Responsibility Theory of the Press.