This study seeks to empirically assess the efficacy of entrepreneurial skills acquired by Nigerian University graduates. The study adopted the survey design and employed the questionnaire as instrument for data collection. The target population of the study consists of all Nigerian university graduates who established and run their own enterprise for the past ten years. To save cost and time, the researchers judgmentally focused on two major geographical zones in Nigeria: North and South, represented by Kano and Lagos. The population of graduate entrepreneurs operating for the past ten years in Kano and Lagos metropolis was established as 266. This population formed the basis for calculating the sample size of this study. Validity of the research instrument was established and its reliability conducted and ascertained. Descriptively, tables and percentages were used to group the responses of respondents to the questions that were asked, whereas, the Spearman's Rank Correlation Coefficient (r) aided by SPSS was used in testing the formulated hypotheses. Result of the findings shows that: there is significant strong positive relationship between entrepreneurial skills acquisition and the measured efficacy indices or indicators: identification of business opportunities, taking advantage of business opportunities in the environment and the tendency to take calculated risk in business ventures. This study concludes that entrepreneurial skills acquisition helps Nigerian university graduates to identify and utilize business opportunities in their environment. In addition, risk taking was identified to be strongly linked with entrepreneurial skills in business venture. Recommendations were made that the entrepreneurship programme organized by Universities in Nigeria should be repositioned to focus more on skills acquisition because it equips students for venture creation and self employment. Furthermore, measures should be put in place to ensure that policy framework relating to entrepreneurship programme is galvanized, properly implemented and sustained.