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This paper underscores the importance of policy formulation in entrepreneurship development in Nigeria as well as the importance of entrepreneurship in reducing the ever-growing rate of unemployment in Nigeria. The methodology adopted for this paper is the Narrative-Textual Case Study (NTCS); it is a social science research method that relies on information and data from several sources for problem identification and problem solving. The paper opines that entrepreneurship is lacking in Nigeria due to certain challenges such as epileptic power supply, lack of genuine support for those intending to start up a business, lack of strong will power to take risks; all these and more inhibit entrepreneurship development and create unemployment. The paper concludes that government policy on entrepreneurship should be more robust and that the government should create a conducive business environment to enhance entrepreneurship development and reduction in youth unemployment. [ABSTRACT FROM AUTHOR]