Nigerians have always realized that education is the singular factor that brings about national development. The central goal of university education is to prepare one for productive employment. Such employment can be a paid one or a self-employed one. This paper examines the problem militating against university education, its implications for economic development and its products in terms of suitability for the changing environment. The world is changing as a result of technological and economic advancement and this creates peculiar problems and challenges which most Nigerian graduates cannot cope with and this makes them not suitable for employment. This paper emphasizes the need to get Nigerian graduates trained on entrepreneurship skills and knowledge through well planned and executed entrepreneurship education by re-positioning University education. Once this is done, Nigerian graduates will be happy and be fulfilled. They will be productive and committed as employees or employers of labour as they transit to a meaningful life in the world.