The process of generating a sustainable household income for majority of rustic and urban dweller with no formal paid employment is highly depends on Entrepreneur potential within the community. The entire nation-hood and economic strength is being derived from them. Undermine such would be counter-productive in economic development of any nation, its employment, income capacity, economic growth, youth development strategy and social wellbeing. This thesis is designed with the nature and the extent to which entrepreneurship in Nigeria has been daunted, challenged, failures encountered in the process, and outlines the initiative by government and also the main current and future challenges, perspectives for the anticipated development of entrepreneurship. The study uncovered government failed index in policies articulation, initiatives, and revealed abysmally the over posture bureaucracies, high level corruption, inadequate and inefficient infrastructural facilities and maladministration, incapacity, irresponsibility expressed in the system and its consequences. The paper concludes that entrepreneurship successes witnessed in other countries in the area of job creation, innovation and rapid growth is burn out of working system unlike its counterpart in Nigeria where government policies in the last three decades has not been able to effect changes to improve entrepreneur aspiration.