The study examined entrepreneurship development as a panacea for a depressed economy with particular reference to selected Small and Medium Enterprises in Anambra State Nigeria. The main objective of the study is to examine the need to cushion the adverse effect of depressed economy through entrepreneurship development in Nigeria. Related literatures were reviewed. The study adopted descriptive research method in which data generated through questionnaire and oral interview were analyzed. The population of the study was 160 owners and staff of small enterprises selected at random from their various firms. The hypotheses formulated in the study were testing ANOVA and Regression method. The study revealed that entrepreneurship development plays a key role in the process of economic development through employment creation, increase in investment and consumption of a nation thereby revamping the depressed economy. The study therefore concludes that entrepreneurship development remains a panacea for a depressed economy such as Nigeria. The study recommends that government should encourage entrepreneurship development through the provision of incentives to entrepreneurs and standing as a guarantor for loans given to aspiring entrepreneurs so as to improve their contribution to Gross Domestic Product.