ABSTRACT The study analyzed the value chain of natural rubber in Nigeria. The study specifically mapped the natural rubber value chain and identify the functions performed by the respondents in the chain; identified the existing marketing channels and estimated the marketing margin at each value addition point. Data for the study were collected using a well-structured questionnaire administered to 425 respondents selected using a two stage sampling process involving random and purposive sampling techniques. Data collected were analyzed using descriptive statistics, flow chat, marketing margins, marketing efficiency The findings showed a mean age of 53 years for farmers and 44 years for marketers, with males (97.86%) dominating. Most were married and majority had at least primary education. The main value chain agencies were input suppliers/nursery farmers, rubber farmers, marketers/collectors, processor and manufacturers, while the key product points along the chain were seeds, seedlings, budded stump, lump, latex concentrates, sheet, and crumbs. Marketing margin analysis showed crumb having the highest margin (N234.01) with processing cost having the major component. Value added by processing were N14.36k, N115.16, N136.14 and N124.38 per budded stump, latex concentrate, crumb and sheet respectively. The nursery was the most efficient and it was more profitable to process into crumb rubber. It was therefore recommendations that farmers may integrate backward to produce their own budded stumps and process their latex before selling for profit Acknowledgement : ACKNOWLEDGEMENTS The authors would like to acknowledge Prof. (Mrs). G.O. Alufohai and Dr. C.I Ada-Okungbowa for their contributions to the study