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Aquaculture has been celebrated globally and believed to usher in a viable alternative to capture fisheries. It is most welcomed especially now that the world population explosion has pushed the demand on fisheries products to worrisome limits. Shrimp farming is an area of aquaculture that has witnessed significant growth in recent years, contributing substantially to the global aquaculture production. However, intensification of shrimp aquaculture has come with unintended consequences such as wastewater management and other problems emanating from environmental impact of the wastewater. This study identified excess feed and fertilizer application, metabolite wastes, shrimp mortalities, oil spillage from farm machines, drug and chemical abuse as some of the activities contributing to wastewater generation in shrimp aquaculture farming. The impact of shrimp effluent water discharged has been observed to be socio-economic with both positive and negative dimensions. In attempt to overcome the overwhelming problems associated with shrimp effluent water and bring reassurances to its sustainability, a good number of new technological approaches have been identified including caviation, high-rate algal pond system, use of nanomaterials, biofloc technology, nanoadsorbent and polymeric nanoadsorbents. Although all have been proven to be useful, none could boast of a complete and integrated approach that considers all the technological, legal, social, environmental, public health and institutional concerns.