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The need for Library and Information Science (LIS) graduates to possess flexible entrepreneurial skills to enable them be self-reliant cannot be undermined in the present Information Technology age. Information literacy competency empowers people in all walks of life to seek, evaluate, use and create information effectively to achieve their personal, social, educational and entrepreneurial goals. This paper conceptualizes librapreneurship and the impacts of information literacy skills. It presents LIS graduate as a librapreneur who initiate or provide information services and products to meet user’s need in new and creative ways; if given the right kind of training/education that is capable of stimulating entrepreneurial spirit with a view to creating innovation or original thinking in terms of information resource use and development taking into consideration the inadequate collar job in Nigeria. It highlights the importance of information literacy in librapreneurship and enumerates necessary ingredients required for every librapreneur such as creativity, innovativeness, risk taking, collaboration, decisiveness and action-oriented. Key business prospects in librapreneurship and challenges to librapreneurship education in Nigerian library schools were presented.