This study examines the removal of government-imposed constraints in the broadcasting industry in Nigeria through the promulgation of Decree number 38 of 1992 Military Constitution (now Act of Parliament) and the establishment of the National Broadcasting Commission (NBC) to regulate and control the broadcasting industry in the country. As a result, broadcasting has fared better since 1992 especially in the areas of healthy competitions, production of quality programs, use of new technologies, coverage and reach, as well as accessibility to wider segments of the society. This move, undoubtedly, further depicts the media as an agent of development that cannot be relegated but rather be seen as an impeccable tool of social order. Despite all its attendant benefits, there are challenges that came with deregulation. Survey was used for the study and one hundred and fifteen broadcasters were asked to complete questionnaire based on the subject of the study. Findings showed that majority of the respondents(55.6%) believe that the most significant benefit that the deregulation of the airways in Nigerian broadcast space has brought is promotion of efficiency and that the most disturbing challenge that came with the deregulation of the airways in Nigerian broadcast space is unethical practices of the broadcast media practitioners, the study recommends that government should remove all forms of media restrictions to further enhance the benefits of deregulation. The regulatory and professional bodies such as the Nigeria Union of Journalists, Nigerian Press Council and the National Broadcasting Commission must take up the gauntlet and begin to perform their statutory functions to curb the unethical practices of the media practitioners. Furthermore, it is recommended that the effectiveness and efficiency of the media practice should be fostered by the stakeholders in the industry through their individual and collective contributions to promote a formidable media practice in Nigeria.