The paper discusses issues surrounding entrepreneurship education and practice in Library and Information Science (LIS) as an economic development strategy for Nigeria. At the present time, the country needs innovative LIS graduates that can utilize information and knowledge to produce goods and services or high quality creativity and output to compete satisfactorily at both national and global market places. The paper analyses the concept of information economy and innovation. It presents LIS programs offered by Nigerian tertiary institutions in order to support LIS entrepreneurs to acquire business oriented skills in the 21st century. The paper posited that, the development of information economy has greatly influence entrepreneurship education and practice in LIS. Nigeria as a developing country will benefit by using the skills of LIS professionals in job creation, poverty reduction and realization of entrepreneurial society. The paper also examines LIS education in Nigeria, strategic economic value of LIS education and practice, establishment of innovative venture for income generation by LIS graduates as well as challenges of financing and marketing of information products and services. It concludes that, as the needs for entrepreneurship education continue to grow in Nigeria, the LIS schools have to adopt new patterns of education and training through practice-based teaching and learning, encouraging creativity, utilization of new technologies and exploring new career path in LIS entrepreneurship.