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Smallholder farmers have continued to thrive in Nigeria as they cater for immediate needs of families with little left for the market. Despite several challenges in the sector, smallholder farmers remain principal actors in the nation’s agricultural production. Their entrepreneurial acumen has been displayed in their ability to survive regardless of harsh economic and technological environments. This paper provides information on factors influencing entrepreneurial orientation of smallholder farmers in Nigeria. The study was conducted among farmers who participated in the RUFIN initiative in Lagos and Oyo states. A total of 240 questionnaires were administered on smallholder farmers in the two states with 92.5% response rate, of which 90.8% were well completed and useful for analysis. The results showed that majority of the farmers were males (67.9%) and majority (72%) of the respondents were youths (21-50 years) and married (80.8%). Few farmers (19.3%) had university education and a small majority (29.4%) had no formal education. About 81.2% of the respondents engaged in core farming activities while few of them were into trading-related activities. The results further showed a medium rating of innovativeness, proactiveness and risk-taking potential. Farmers’ innovativeness was influenced by their level of expenditure on new products cultivation, R&D spending, educational attainment and idea generation. Other factors which influenced proactiveness and ability to take risk were introduction of new technology and high-cost project investment. The paper concludes that entrepreneurial training and government interventions are required to enhance the entrepreneurial capability of the farmers for improved growth.