Reading culture and parental involvement in the development of children in their formative years are the most crucial factors which form the foundation for the child‘s education. This study examines these two key factors, while the respondents for the study were confined to the Covenant University. The research concentrates on reading culture at the formative years of the children (from birth to age 7) and the degree of parental involvement in the child’s development. In order to make an assessment of the current reading culture of the children in the academic community, a survey of 211 parents, comprising 115 fathers (54.4%) and 96 mothers (45.49%) was conducted. This study showed that the practice of early childhood reading among parents in Covenant University is high (95.2%) and the respondents have a good perception on the need and importance of early childhood reading. However, there is evidence to show that there is poor habit of borrowing books from libraries. This trend has a direct negative impact on inculcating reading culture in their children. Most of the respondents (87.7%) are of the opinion that learning activities provided by nursery school are not sufficient for children’s development without parental involvement. On the average, parents spend at least one hour reading to their children, but mainly during the weekends. The availability of time is a major obstacle faced by parents in cultivating reading culture for their children in (83.4%) of cases, while lack of parental involvement account for (23.3%). Only (3.3%) of the respondents thought reading to children is a waste of time. Based on the results of the study appropriate recommendations were made.