Biodiversity accounts for the variability among living organisms and its conservation presents insights for mitigating the problem of depletion or exhaustion of biological resources. From the simplest level of genes, species, and ecosystems; biodiversity provides a wide range of goods and services for survival with potential direct or indirect utilization by humans. Biodiversity is key as it constitutes the rich biological resources that typically measures all variations at the genetic, species and ecosystem level and is particularly important for nutrient recycling in soil fertility maintenance; purification of water and air and detoxification of wastes as well as for mitigating pollution and moderation of floods and droughts. It is also invaluable for protecting watersheds and combating erosion; stabilization of climate; and control of pests and diseases. The diversity of insect species is unparalleled being estimated at 1.5 million species but biodiversity is generally threatened in Nigeria by high population growth rate, poverty, policy and legislation constraints as well as poor land use planning and climate change among others. The direct threats to biodiversity in Nigeria include habitat degradation, unsustainable agricultural practices and unsustainable harvesting of biological resources among others. The major approach to biodiversity conservation in Nigeria is the protected-area system and the establishment of a National Insect Museum to be domiciled in one of the Federal Universities is key.