The role of entrepreneurial competencies in enhancing the performance of SMEs, especially in the agro-based industry of developing economies such as Nigeria has not been discussed extensively in extant literature. Therefore, this research is focused on examining the role of entrepreneurial competencies in enhancing the performance of agro-based SMEs. The study used 232 copies of questionnaires that were administered to agro-based business owners and managers in Lagos State as the data gathered instrument. Data analysis was carried out using regression analysis to show relationships between the variables. At different levels, the findings revealed that entrepreneurial competencies relates with the firms profitability, customer base, organisational effectiveness, and sales growth. Therefore, the study recommended that entrepreneurial firms should consciously develop the ability of being sensitive to the environment and the ability to recognize opportunities in the market place.