Rural entrepreneurship can help develop rural areas through good management of the local resources. Within the framework of integrated rural development theory, this study attempts to determine the perceptions of rural entrepreneurs on the nature and role of entrepreneurship in rural economic development. The study adopted the survey and descriptive design. The researchers randomly selected 200 rural entrepreneurs from five towns in Oyi Local Government Area. The major source of data was primary data, though secondary data such as journals, textbooks and Internet materials were also consulted. A 24-item questionnaire of strongly agree, agree, disagree and strongly disagree was designed and administered. Findings showed that rural entrepreneurship can help increase output, create employment and reduce rural urban migration among other things. However, rural entrepreneurs are faced with certain challenges such as insufficient funds and lack of government support. Based on these findings, the researchers recommended that rural areas should be made attractive and government should create enabling environments for rural entrepreneurs through their policies and other assistance.