The strategic role of the entrepreneur as an agent of economic transformation in society has been noted. As a result, all known human societies have always created veritable conditions for the existence of entrepreneurs. The impact of the activities of the entrepreneurs on the socio-politico-economic life of a nation is quite obvious. For example, in Nigeria, the small and medium enterprises sub-sector have been expanding. Their impact can be felt in the areas of employment and wealth generation, stimulation of indigenous entrepreneurship, and promotion of entrepreneurial culture. In an attempt to analyze the impact of Nigerian entrepreneurs as a tool of national development, two sets of questionnaires are used: (a) SME operators – core entrepreneurs, and (b) the general public. Each of these questionnaires has 14 questions making it a total of 28 questions in all. The researcher used a simple regression analysis to test the relationship between entrepreneurship and national development. The research findings show that entrepreneurship is an important tool of national development. However, we noted that entrepreneurs will not live up to expectations if certain things are not put in place. It was recommended that the Government should pass enabling legislation to formalize the importance of SMEs in the overall economy.