THE INVISIBLE PLAYER - THE CONTRIBUTION OF SMALL AND MEDIUM ENTERPRISES IN THE AGRIBUSINESS SECTOR ON THE NIGERIAN ECONOMY

Volume 8, Issue 1, February 2023     |     PP. 78-96      |     PDF (402 K)    |     Pub. Date: February 12, 2023
DOI: 10.54647/economics790367    91 Downloads     161226 Views  

Author(s)

Aitaa Sam Kilimvi, Lecturer, Faculty of Management Science, Muni University, Uganda; Lecturer, Royal Docks School of Business and Law, University of East London

Abstract
Small and medium-sized enterprises (SMEs) around the world contribute to the growth of economies and promote employment, equitable income distribution and better living standards The research therefore was intended to evaluate the contribution of the Small and Medium Enterprises (SMEs) in the agribusiness sector on the economy of Nigeria.
The study utilized a quantitative analysis of published data for the period 2011 to 2021 obtained from the Central Bank of Nigeria Statistical Bulletin of 2021. Descriptive statistics was employed in establishing the causal relationship between Gross Domestic Product (GDP) and agribusiness output (AbO).
The findings showed that there was a significant positive correlation between agribusiness output and GDP. Equivocally, agribusiness investment also had a significant relationship on the Gross Domestic Product and vice versa. The study concluded that if national economic well-being is the primary goal of government, investment in agribusiness should not be sidelined.

Keywords
Small and Medium Enterprises (SMEs), Agribusiness, Economic growth, Gross Domestic Product

Cite this paper
Aitaa Sam Kilimvi, THE INVISIBLE PLAYER - THE CONTRIBUTION OF SMALL AND MEDIUM ENTERPRISES IN THE AGRIBUSINESS SECTOR ON THE NIGERIAN ECONOMY , SCIREA Journal of Economics. Volume 8, Issue 1, February 2023 | PP. 78-96. 10.54647/economics790367

References

[ 1 ] Abdukazeez, S. Issa, A. & Yusuf, I. M. (2019). Entrepreneurship and innovative ability among agribusiness clusters in north-central, Nigeria. Al-hikmah management review entrepreneurship and innovative capacity volume 4(1).
[ 2 ] Abeh, O. (2017). Entrepreneurship as key to socio-economic development: A study of selected small and medium scale enterprises in Delta State. Journal of Education and Society, 7(1), 90-102.
[ 3 ] Agwu, M.O. and Emeti, C.I. (2014), “Issues, challenges, and prospects of small and medium scale enterprises (SMEs) in Port-Harcourt city”, European Journal of Sustainable Development, Vol. 3 No. 1, pp. 101-101
[ 4 ] Alpuerto V, Diao X, Salau S & Nwafor M (2010). Agricultural Investment for Growth and Poverty Reduction in Nigeria. International Food Policy Research Institute (IFPRI). http://www.ifpri.org/sites/default/files/publications/nssppb13.pdf
[ 5 ] Akerejola, W.O., Okpara, E.U., Ohikhena, P. and Emenike, P.O. (2019), “Availability of infrastructure and adoption of point of sales of selected small and medium enterprises (SMEs) in Lagos state”, Nigeria. International Journal of Academic Research in Business and Social Sciences, Vol. 9 No. 1, pp. 137-150.
[ 6 ] Carré, D. and Levratto, N., (2009). Industrial Policy and SMEs: A New Policy and New Tools? Revue d'économieindustrielle, 126 (2): 9-30. Available at: https://www.cairn.info/revue-revue-deconomie-industrielle-2009-2-page-9.
[ 7 ] Coase, R. H. (1937). The Nature of the Firm. Economica, https://doi.org/10.1111/j.1468-0335.1937.tb00002.xCitations: 11,367.
[ 8 ] Data from the Doing Business data set (World Bank, Washington, DC), https://www.doingbusiness.org/en/data/exploreeconomies/Nigeria.
[ 9 ] FGN (2017). Economic Recovery and Growth Plan. Ministry of Budget and National Planning, Abuja.
[ 10 ] Haggblade S (2007) Return to Investment in Agriculture. Policy Synthesis Food Security Research project-Zambia. http://wwwaec.msu.edu/agecon/fs2/zambia/index.htm. Accessed 4/1/2013
[ 11 ] Kratochwill, T.R. ed. (2013) Single subject research: Strategies for evaluating change. Haryana: Academic Press.
[ 12 ] Mbanasor J. A. and E. C. Okorji (1997) agricultural policies and suitable agricultural investment in Nigeria: critical issues; proceedings of the 13th annual conference of the AMAN, held at Umudike.
[ 13 ] Mertens, D.M. (2014) Research and evaluation in education and psychology: Integrating diversity with quantitative, qualitative, and mixed methods. London: Sage.
[ 14 ] Merriam, S.B. and Tisdell, E.J. (2015) Qualitative research: A guide to design and implementation. New Jersey: John Wiley & Sons.
[ 15 ] Mghenyi, Elliot, Cora Dankers, James Thurlow, and Chidozie Anyiro. (2022). Transforming Agribusiness in Nigeria for Inclusive Recovery, Jobs Creation, and Poverty Reduction: Policy Reforms and Investment Priorities. International Development in Focus. Washington, DC: World Bank. doi:10.1596/978-1-4648-1724-3. License: Creative Commons Attribution CC BY 3.0 IGO.
[ 16 ] National Planning Commission NEEDS, (2004). Federal Republic of Nigeria Abuja. In: D.C.
[ 17 ] Ndiaye, N.; Razak, L.A.; Nagayev, R.; Ng, A (2018). Demystifying small and medium enterprises ‘(SMEs) performance in emerging and developing economies. Borsa Istanb. Rev. 2018, 18, 269–281
[ 18 ] Nto, P. O. O. & Mbanasor, J. A., (2011). Productivity in agribusiness firms and its determinants in Abia State, Nigeria. Journal of Economics and International Finance Vol. 3(12), pp. 662-668, 22 October 2011.
[ 19 ] Obi, J.; Ibidunni, A.S.; Tolulope, A.; Olokundun, M.A.; Amaihian, A.B.; Borishade, T.T.; Fred, P. (2018). "Contribution of small and medium enterprises to economic development: Evidence from a transiting economy." Data Brief 2018, 18, 835–839
[ 20 ] Ololube, N. P., Uriah, O. A., & Dudafa, U. J. (2014). The role of university management in sustainable national development through innovation and entrepreneurial nosiness. International Journal of Educational Foundations and Management, 2(1), 13-24.
[ 21 ] Onwualu, A.P., 2009. Developing Agricultural Raw Materials For Wealth Creation In Nigeria. 3rd Forum of The Laureates of the Nigerian National Order of Merit (Nnom), Abuja, Merit House Complex.
[ 22 ] Perez-Gomez, P.; Arbelo-Perez, M.; Arbelo, (2018). A. Profit efficiency and its determinants in small and medium-sized enterprises in Spain. (“An Assessment on the Influence of Entrepreneurial Training, Risk ... - aior”) BRQ Bus. Res. Q. 2018, 21, 238–250
[ 23 ] Robson, (2002) Real world research. New Jersey: John Wiley & Son
[ 24 ] Robson, C. and McCartan, K. (2016) Real world research. New Jersey: John Wiley & Sons.
[ 25 ] Saunders, M. Lewis, P. Thornhill, A. (2002) Research methods for business students, 3rd ed. Pearson Education.
[ 26 ] Smith, J.A. ed. (2015) Qualitative psychology: A practical guide to research methods. London: Sage.
[ 27 ] Tsatsenko, N. A. (2020). SME development, economic growth, and structural change: evidence from Ghana and South Africa. (“View of SME DEVELOPMENT, ECONOMIC GROWTH AND STRUCTURAL CHANGE ...”) Journal of Agriculture and Environment Vol. 2, No. 14.
[ 28 ] UNIDO (2017), “A paper presented by Mr Afif barhoumi during a ceremony of a four-day training programme organized by UNIDO ITPO Nigeria for selected federal government agencies”.
[ 29 ] Varrella, S., 2021b. Contribution of agriculture to GDP in Nigeria 2019-2020. Available through: https://www.statista.com/statistics/1193506/contribution-of-agriculture-to-gdp-in-nigeria/.
[ 30 ] Varrella, S., 2021a. Contribution of oil sector to GDP in Nigeria 2018-2020. Available through: https://www.statista.com/statistics/1165865/contribution-of-oil-sector-to-gdp-in-nigeria/.
[ 31 ] Victor, C.N., Christopher, N. and Ignatius, A.M. (2019), “The role of subcontracting on innovation: an assessment of small and medium enterprises in Nigeria”, Production and Manufacturing Research Journal, Vol. 7 No. 1, pp. 88-108.