Innovation Economics and Agribusiness in Nigeria

Innovation Economics and Agribusiness in Nigeria

Author by Mrs. Uduakobong Edy-ewoh

Journal/Publisher: Iranian Journal Of Management Studies

Volume/Edition: 7

Language: English

Pages: 177 - 185

Abstract

The increased need to ensure food security and end extreme poverty has made the agricultural sector key in countries globally. Recognising the need for increased productivity, this paper emphasised the need for a connexion between innovation and agriculture to improve production techniques in Nigeria. Time series secondary data for 24 years on agricultural output and innovation index were used in the study as the dependent and independent variables respectively while FDI and population were included in the study as control variables. Using the ARDL model, the study found that there is a weak significant short run relationship between agribusiness and innovation in Nigeria. The results are not far-fetched as majority of the agriculture activities in the country are small-scaled, with limited R&D, innovation and business consciousness. The study recommended policy-driven R&D and innovative practices in the agricultural sector to improve and sustain productivity.


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