The motility rate of small and medium enterprises in Nigeria at present is a major a source of concern. This is hinged on the prevailing economic recession leading to organizational stagnation and non-performance of these firms. However, the innovative activities of intrapreneurs can be effective at achieving innovative performance within an organization. This is based on the premise that intrapreneurs can identify and exploit new business opportunities within their organization or create new ventures under the auspices of their existing organization. Therefore the objective of this study is to show that the innovative activities of intrapreneurs can be effective at achieving innovative performance of SMEs in Nigeria. The article also proposed a conceptual model to illustrate the relationship between intrapreneurship and innovation performance in order to engender innovative performance of SMEs in Nigeria. The study concludes that promoting intrapreneurship in Nigerian firms will play a major role in motivating as well as creating a platform for employees to express their visionary and creative abilities aimed at improved innovation performance. This creates an effective organizational work environment that keeps businesses in Nigeria competitively well positioned.