The important role played by entrepreneur as an agent of economic transformation in every civilized society is mostly visible in terms of employment and wealth generation, competitiveness and economic strength of a modern nation. There is growing evidence to support the view that when people were exposed entrepreneurship trainings and education programs, they tend to be more inclined towards entrepreneurial actions, and sometimes even become more effective as entrepreneurs. The current economic realities in many developing economies have unavoidably forced policy makers and the academics to place very high priority on developing entrepreneurial skills and knowledge through education. This paper attempts to give a critical review of various literatures and related studies on entrepreneurial competencies and shows how these competencies can be relevant and critical for lecturers teaching entrepreneurship courses in higher learning institutions. Based on the reviewed related literatures in the study, it was discovered that lecturers must possess some basic entrepreneurial competencies for effective teaching to their students as well as to develop students‟ entrepreneurial skills and knowledge which are considered necessary for new venture management and new venture creation. Three competencies that found to be very important for entrepreneurship lecturers are; entrepreneurial knowledge, skills and attitudes. It recommended that this area of research should be broadened and lecturers should develop their own competencies so that students aspiring in entrepreneurship can be aware of them which can have greater chances in their entrepreneurial success.