Music has a lot to contribute to the society's survival and sustainability. It has been described as a character builder and reformer that might be developed to provide opportunity for professionals to explore and enhance intellectual skills if properly exploited. This study examined music entrepreneurship education as a way forward to economic development of music students to be self-reliant and contribute to the nation economy. The population for the study comprises of Eighty (80) respondents from the concerned higher institutions who were randomly selected for the study. Descriptive research was adopted as a research design and questionnaire was used as the instrument for data collection. The study adopted a quantitative method of data analysis. The findings from the study revealed the purposes of music entrepreneurship education on the Nigerian educational system which are: teaching students crucial life skills, equipping students with the knowledge and skills needed in building sustainable career, Equally, the findings revealed the contributions of music entrepreneurship education to the economic development of music students and the problems facing music entrepreneurship education in Nigeria which includes lack of dedicated educational institution programs and resources. It was recommended that facilities like musical instruments and teaching materials should be provided and also adequate resources, including funding and infrastructure, should be allocated to support the implementation of Music Entrepreneurship Education initiatives.