Entrepreneurship development is an indispensable factor to the economic growth of any nation. Many countries attained their economic self-sustenance through entrepreneurship development. The entrepreneurs don’t look for job, they create job and can be used as a vibrant tool to revamp the economy of a country. This paper looks at the current economic situation in Nigeria. It highlights the problems and challenges to entrepreneurship development in Nigeria and recommends ways entrepreneurship can revamp the economic situation of the country. The paper emphasized that government at all levels should encourage and promote entrepreneurship development through provision of basic infrastructure, power and water supply, financial assistance/ empowerment, good governance, security training, education and sustaining policies. Keywords: Entrepreneurship, revamp, economy, development, and empowerment