The paper is concerned with reforms in Education and the need for re-engineering Teacher education in Nigeria for better professionalism and National Development. In the process, key concepts like Teacher Education and professionalism were explained. A brief review of the state of Teacher Education and Development in Nigeria revealed the challenges to Teacher Education and Development. Various reforms in Education that warrant re-engineering of the teaching profession were highlighted. The paper stressed the need for improved teacher Education in Nigeria. We also identified strategies for improvement of Teacher Education and Development in Nigeria for better professionalism and the overall national development. The paper finally made recommendations for improving Teacher Education. In conclusion we observed that the most important action any nation can take to improve her education is to strengthen the teaching profession in terms of subject matters, development of new skills, training and values.