Schizophrenia is a devastating and highly disabling disorder associated with long-term consequences. Treatment is often made difficult by the presence of comorbidities like depression which when considered in management ensures good outcome. This study aimed to determine the prevalence and correlates of depression in schizophrenia. It is a two-phase study involving 320 outpatients recruited by consecutive sampling. The first phase entails confirming diagnosis with Mini International Neuropsychiatric Interview (MINI), psychotic disorder module, assessing socio-demographic characteristic and screening for depressive symptoms with the Beck Depression Inventory (BDI) by a trained assistant. In the second phase, the researcher then assesses for depressive disorder using MINI, depressive disorder module among subjects who screened positive with BDI together with 10% of those who screened negative. Over four-fifth (83.4%) of the participants were less than 50 years, they were mostly females (57.2%), of Yoruba ethnic group (59.7%), Christians (75.6%), and earn below ₦18,000 monthly or nothing (72.2%). Also, a large proportion (86.2%) had good social support. Over a third of the participants were married (38.1%) with about four-fifth of these living with their spouses. The prevalence of depressive symptoms and depressive disorder were 49.7% and 38.4% respectively. Logistic regression revealed that poor social support predicts depressive in Schizophrenia. In conclusion, Depression is common in patients with schizophrenia. Therefore, thorough evaluation of schizophrenic patients is necessary so that, co-morbid depression when present can be detected and considered in management to ensure good treatment outcome.