The construction industry, which contributes significantly to the Nigerian economy, has grown in the past few years, however, the industry is plagued with many problems ranging from; project abandonment, project delays, poor resource management, poor financing, unethical practices etc. For the industry to progress, effective time, resource and cost management is necessary and Earned Value Management is on way to solve the problem. Earned Value Management is useful in monitoring and controlling project cost, schedule and scope to ensure successful completion. This research applies earned value analysis to a construction project using Microsoft Project 2016 to measure the performance and analyze the construction project with respect to cost and schedule. Interviews were used to obtain project information and determine the knowledge level and acceptance of earned value in the Nigerian construction industry. The research revealed very low use of earned value management in by construction managers. It is recommended that professional bodies focus on enhancing awareness and training of construction managers in the use of earned value management and bring the industry up to international standard.