University is a place where skilled labour is produced for societal and global consumption. This is premised on the fact that education provided at this level enhances human capital development which widens employment opportunities. However, there seems to be disparity over the skills required and those possessed by graduates from Nigerian universities. As a result, many university graduates are either underemployed or unemployed. The study adopted descriptive survey research design. Using stratified and simple random sampling techniques, a total of 300 employers of labour drawn from the manufacturing, banking and finance, education, and telecommunication industries in Lagos State constituted the sample frame. A Skill Assessment Questionnaire (SKAQ) was designed to elicit information from the participants. The results obtained showed that skills required of university graduates as perceived by employers were analytic and problem solving (98%), decision-making (98.3%), risk management (96.7%), leadership (98%), information and communication (97.7%), team-work (99%), official communication (97.7%), and English proficiency and literacy skills (97%) while skills possessed by university graduates were English proficiency and literacy (58%) and information and communication skills (53%). These results showed disparity in both the employers required skills and those possessed by the university graduates. The study, therefore, recommends that Nigerian university curriculum should be revised to reflect courses that will teach the required skill by employers.