Introduction 1.1 Objective of the Study In modern economies, entrepreneurship, as an element of production, is been acknowledged as a justifiable cause for attaining economic growth. The generation of bright prospects for employment and wealth creation has also been attributed to entrepreneurship by several scholars who view it as one of the major causal factors of the economic advancement of several nations (Dejardin, 2000; Carree and Thurik, 2002; Naude, 2008). Though these scholars critically studied how economic growth is correlated to entrepreneurship, most of their works concentrated on industrialized nations. Therefore, there is a need to see if this same relationship exists or the same effects occur in unindustrialized and emerging nations. Hence, this study seeks to analyze the effects of entrepreneurship on the economic growth of a lower middle income nation such as Nigeria, and the implication of this for a national strategy on economic growth. Nigeria is a nation blessed with strong investment and abundant commercial potentials because of the enormous manpower and natural and resources which she possesses. However, the efficiency development and growth leaves much to be desired. This is because only few Nigerians have been able to maximize the nation’s resources, having recognized potentially beneficial undertakings. While these Nigerians (For example Aliko Dangote, Femi Otedola, Mike Adenuga 2 and others) have excelled in their enterprise, many more wallow still in abject poverty, leaving this giant of Africa begging for aid rather than becoming an aid donor.