The dwindling oil price and expected population rise is a serious cause of concern for every Nigerian at home and in the Diaspora. This calls for the need to diversify the economy and expressly shift focus to once abandoned agriculture considering Nigeria abundant natural and human resources, and the role of agro-allied enterprises in economic development. The study sought to examine the role of small-scale livestock, cocoa and fisheries farmers in a developing economy. It can be noted that agricultural practices have the potential for the development of any economy which can manifest in employment generation, skills acquisition, economic growth, rural development, industrialization and better utilization of indigenous resources. Therefore, the study addressed the importance/roles, challenges, and prospects of farmers in the socio-economic development of the rural community vis-à-vis the Osun State. It has been discovered through the findings that small-scale farming has contributed to the growth and development of the economy, while there is no commensurate attention/contribution by the government. Developing agricultural sector is the best alternative to the oil economy, and an important strategic move to get the country out of her current economic predicament. The government should encourage local farmers and production of goods and services to promote small industries by buying/using locally made products and or services and allocating adequate funds for SMEs (more importantly agricultural sector) growth and development in the Nigerian economy.